Riverstone Holdings Announces Agreement With Mistral Energy

CALGARY, Alberta and NEW YORK, April 26 /PRNewswire/ -- The Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC ("Riverstone"), announced today that it has entered into an agreement with Mistral Energy Inc. ("Mistral"), a private company based in Calgary, Alberta, dedicated to building, owning and operating energy infrastructure assets.

As part of its agreement with Riverstone, effective March 1, 2010, Mistral will identify and pursue midstream energy investments in Western Canada.  Mistral's opportunity set will principally span assets that support the natural gas and natural gas liquids industries, although the Mistral team has, in the past, also acquired, developed, and operated Canadian power assets.  Mistral is led by a team of four principals: Terry Killackey, Bob Pritchard, Gord Salahor and David Schmunk.  

Mistral's management group was the executive team of Taylor NGL Limited Partnership (formerly Toronto Stock Exchange: "TAY.UN") from 2001 until 2008 when Taylor was acquired by AltaGas Income Trust (TSE: "ALA.UN").  Subsequent to the acquisition the former executives of Taylor formed Mistral.  

The arrangement with Mistral is consistent with Riverstone's strategy of aligning capital with management teams that it believes possess advantaged expertise in a target area.  Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone said, "We are eager to pursue and develop midstream energy opportunities with the Mistral team as we believe it has some of the strongest and deepest operational experience in Western Canada."

Killackey, Pritchard, Salahor and Schmunk managed Taylor as it grew from an enterprise value of CAD $52 million in January 2001 to CAD $621 million when it was acquired by AltaGas in January 2008.  Over the seven year period, the Mistral team oversaw capital investments totaling $357 million, the return of $119 million to investors through partnership distributions, and Taylor unit price appreciation in excess of 150%.

About Riverstone Holdings LLC

Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $14 billion to 69 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.

SOURCE Riverstone Holdings LLC