This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Zavanna, LLC And GSO Capital Partners LP Announce Partnership With $200 Million Preferred Equity Commitment

Zavanna, LLC, an upstream oil and natural gas company formed in 1994 by industry veteran William L. (‘Bill’) Coleman, announced that GSO Capital Partners LP, a division of Blackstone (NYSE: BX), along with Zavanna’s existing management, have formed a partnership, River Bend Oil & Gas, LLC, focused on the acquisition and development of upstream assets in core areas of the Williston Basin. Since the partnership was formed in June 2013 with a $200 million Preferred Equity Commitment from affiliates of GSO and a contribution of assets by Zavanna, the River Bend team has closed over 30 separate acquisitions for over $100 million and has committed substantial additional capital to fund drilling. River Bend is participating as a non-operating working interest partner in Zavanna’s development program, including a 3 rig program and over $200 million gross operated capital budget for 2014.

Bill Coleman, CEO and founder of Zavanna, commented, “I am pleased to announce this joint venture with GSO. GSO is an experienced and supportive investor, and we are excited to team up with them to form a dynamic entity in the Williston Basin to further develop the largest oilfield in North America.”

Robert Horn and Tim Murray, Managing Directors of GSO, commented, “Zavanna is a preeminent operator in the Williston Basin, and has consistently demonstrated industry leading well results in the Bakken formation. We are delighted to have the opportunity to invest with Bill Coleman and the Zavanna team as they seek to expand their capital program and capitalize on compelling opportunities in the Williston Basin.”

KLR Group, LLC served as financial advisor to Zavanna.

About Zavanna

Zavanna, LLC, headquartered in Denver, CO, is a premiere service upstream oil and natural gas company with expertise in exploration and development of the Williston Basin. Zavanna has drilled approximately 60 horizontal wells targeting the Bakken and Three Forks formations and is one of the largest private operators in the Williston with over 50,000 gross acres in the basin. For more information, please visit www.zavanna.com.

About Blackstone and GSO Capital Partners

Blackstone is one of the world’s leading investment and advisory firms with approximately $265 billion in assets under management as of December 31, 2013. It seeks to create positive economic impact and long-term value for investors, the companies it invests in, the companies it advises and the broader global economy. Blackstone does this through the commitment of extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. GSO, a division of Blackstone, is a leading credit-focused alternative asset manager, with approximately $65 billion of assets under management as of December 31, 2013. GSO has a global footprint with approximately 250 professionals, including a dedicated team of energy and power professionals with significant experience investing in energy and power sectors, among its offices in New York, Dublin, London and Houston. Further information is available at www.blackstone.com. Follow on Twitter @Blackstone.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,440.59 -127.94 -0.73%
S&P 500 2,067.64 -12.01 -0.58%
NASDAQ 5,039.7760 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs