On April 29, 2016, Riverside Energy Holdings LLC, a newly formed company
owned by White Deer Energy and Umbono Capital, purchased Chevron
Michigan, LLC from Chevron Northeast Upstream LLC.
Chevron Michigan, LLC, which has been renamed Riverside Energy Michigan, LLC (Riverside), owns 312,000 net acres and interests in
approximately 2,800 wells, and operates 1,900 wells. Daily sales total
45 net Mmcf from natural gas produced in the Antrim Shale of northern Michigan.
In this acreage position, Riverside holds the oil and gas rights to basement
on 63,000 net acres. The properties were initially developed by MichCon in
the 1990s and early 2000s. In 2007 they were sold to Atlas and then
acquired by Chevron in 2011.
Commenting on the transaction, CEO Rob Gerhard said, “The mature
Antrim Shale biogenic play has proven to be a reliable, low decline asset
base and Riverside now takes over Chevron’s position as the largest
producer of natural gas in Michigan. We are excited about the opportunity
to nurture this valuable asset, to pursue similar opportunities in the play
and to have a positive impact in northern Michigan.