HOUSTON and MONTVALE, N.J., July 21, 2015 /PRNewswire/ -- Ridgewood Energy Corporation ("Ridgewood Energy"), a private upstream oil and gas investment company based in Houston, Texas and Montvale, New Jersey, today announced that it has closed its latest private equity fund, Ridgewood Energy Oil & Gas Fund III, L.P. ("Fund III"). Fund III, Ridgewood Energy's largest fund to date, significantly exceeded its $1.5 billion target and closed with total capital commitments of more than $1.9 billion.
Fund III is a continuation of Ridgewood Energy's investment program focused on finding and developing oil in the deepwater Gulf of Mexico for $20 per barrel or less. The Fund's commitments were sourced from leading institutional investors, including state and corporate pension plans, university endowments and foundations, as well as a number of private wealth managers and family offices.
Kenny Lang, Ridgewood Energy's President and Chief Operating Officer said, "Our limited partners continue to recognize the outperformance potential of Ridgewood Energy's deepwater Gulf of Mexico oil strategy, where we have the ability to find and develop significant oil reserves for a very low cost per barrel. Our disciplined approach allows us to deliver strong returns across a range of oil price environments, and recent dislocation in the sector has created even more compelling opportunities for investment."
Bob Gold, Senior Managing Director said, "We appreciate the very strong level of support for Fund III from both new and existing investors, which underscores Ridgewood's success to date, as well as our robust project pipeline."
Robert Swanson, Ridgewood Energy's Founder and Chairman said, "The success of our strategy is driven by the discipline and rigor with which our outstanding team of industry professionals executes every phase of investment. We look forward to continuing to deliver on Ridgewood's deepwater oil strategy with Fund III."
Ridgewood Energy's latest fund follows Ridgewood Energy Oil & Gas Fund II, L.P ("Fund II"), which closed on $1.1 billion in early 2014. The firm also manages substantial capital and commitments for investment in the deepwater Gulf of Mexico on behalf of Riverstone Holdings, LLC, which has invested alongside Ridgewood Energy's funds since 2010.
Eaton Partners, LLC, based in Rowayton, CT, acted as placement agent for the fund. Vinson & Elkins LLP, served as fund counsel.
About Ridgewood Energy
Ridgewood Energy Corporation manages private investment funds that drill and develop oil and gas projects in the U.S. waters of the Gulf of Mexico. Its team of energy-industry professionals brings extensive operating, technical, and geological expertise to all stages of the investment process, from project evaluation and selection through drilling, development, and production. For more information, visit www.ridgewoodenergy.com. This release does not constitute an offer of any Ridgewood fund.
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Ridgewood Energy Corporation
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SOURCE Ridgewood Energy Corporation