Press Release (January 8th, 2021)
On January 8th, 2021, Riverside Energy Michigan, LLC (“Riverside”) closed the acquisition of a package of oil and gas assets owned by Maverick Natural Resources, LLC (“Maverick”). The package is comprised of interests in 215 Maverick-operated wells, 1,069 wells already operated by Riverside, a CO2 treating plant operated by Riverside, and four gas pipelines operated by Riverside. The wells produce primarily from the Antrim Shale with a small number producing from the Niagaran or Prairie du Chien formations.
Rob Gerhard, CEO of Riverside, said, “This acquisition is a perfect geographical fit with offsetting Riverside-operated properties which will result in operating efficiencies for Riverside.”
“This latest acquisition is another milestone for us as we remain focused on making a positive long-term impact in Northern Michigan, particularly with regard to extension of the Antrim Shale economic life. As such, we will continue to seek high quality acquisitions, to consolidate properties under our operations, to increase production from the Antrim Shale, and to pursue initiatives that add downstream value to our natural gas and to our CO2 by-product streams.”
With this acquisition, Riverside now operates 43% of the natural gas produced in Michigan. Approximately 150 people are employed by the company.
Riverside Energy Holdings LLC, parent of Riverside, was formed in 2016 between White Deer Energy (www.whitedeerenergy.com) and Umbono Capital (www.umbono.com).