Daily News: February 26, 2014

Citigroup, Others Lead Fieldwood Energy Debt Syndication

Fieldwood Energy announced it completed its debt syndication efforts, resulting in an expansion of its existing debt facilities, which include a revolving credit facility, first lien term loan and second lien term loan, led by Citigroup Global Markets and J.P. Morgan, as well as Deutsche Bank AG New York Branch, BofA Merrill Lynch and Goldman Sachs Bank.

The company also announced the closing of its acquisition of SandRidge Energy’s Gulf of Mexico and Gulf Coast business unit for a net cash payment of approximately $705 million, which reflects adjustments to the purchase price for cash-flow since the effective date and net working capital. Production from the acquired assets currently exceeds 26,000 boepd. The acquisition further enhances Fieldwood’s position as the owner of the largest asset base on the Gulf of Mexico Shelf while also expanding the company’s portfolio to include an onshore Gulf Coast division and the deepwater Bullwinkle field.

Matt McCarroll, president and CEO of Fieldwood, commented, “This is the second major transaction in Fieldwood’s first year of operations, and we are confident it will play an important role in our company’s future success. These assets add another high-quality opportunity set of projects to our portfolio, with significant activity planned for this year. I am especially excited to welcome a group of over 70 talented employees to our organization, who will be critical to helping Fieldwood maximize the value of our assets.”

Houston-based Fieldwood Energy, a portfolio company of Riverstone Holdings, is focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico.

Riverstone is an energy and power-focused private investment firm.