Fortress Announces Acquisition of Limited Partner Interest in Red Rocks Energy Partners
Investment Focused on Developing Oil and Gas Assets in over 7,200
Acres in SCOOP Play
Fortress Investment Group LLC (NYSE:FIG, “Fortress”) today announced
that certain Fortress managed funds and accounts (“Fortress Credit
Funds”) have acquired a limited partner interest in Red Rocks Energy
Partners L.P. to own and develop oil and gas assets in over 7,200 acres
in the SCOOP play in Grady, McClain, and Garvin Counties, Oklahoma.
Over the last 5 years funds within Fortress’ Credit business (“Fortress
Credit”) have invested over $1.5 billion in both debt and equity across
the power, renewables, midstream and upstream energy sectors, focused on
opportunistic asset level investments. This transaction is the second
significant equity investment in exploration and production since the
commodity price downturn, following Fortress Credit’s $350 million
partnership with IOG Capital, LP to provide drilling capital to high
quality operators in the United States. For the Red Rocks transaction,
Fortress Credit has partnered directly with a highly experienced
operator, Red Rocks Resources LLC, to develop conventional and
unconventional assets in an emerging area of the SCOOP. The acquired
assets have significant current production, low-risk economic vertical
locations and highly economic horizontal drilling opportunities in the
prolific Woodford shale.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global
investment manager with approximately $70.1 billion of assets under
management as of September 30, 2016. Founded in 1998, Fortress manages
assets on behalf of over 1,750 institutional clients and private
investors worldwide across a range of private equity, credit, liquid
hedge funds and traditional asset management strategies. The Fortress
Credit business invests globally in credit and assets and includes both
private equity style credit-focused funds and hybrid hedge fund
structures. Fortress is publicly traded on the New York Stock Exchange
(NYSE: FIG). For additional information, please visit www.fortress.com.
About Red Rocks Resources LLC
Red Rocks Resources LLC is a private oil and gas company founded in 2001
and headquartered in Oklahoma City, Oklahoma. Red Rocks is led by three
experienced oil executives, Kevin Fitzgerald, Randy Stalcup and Jim
Stubbs, with over 110 years of combined experience, and operates oil and
gas assets throughout the Mid-Continent United States.
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Copyright Business Wire 2016
Source: Business Wire
(November 11, 2016 - 4:30 PM EST)
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