Press Release (August 31, 2021)
On August 31st, 2021, Riverside Energy Michigan, LLC (“Riverside”) closed the acquisition of a package of natural gas assets owned by an undisclosed seller. The package is comprised of interests in 1,163 operated wells, 1,428 wells operated by third parties, an operated gas gathering system, and an operated CO2 treating plant. Gas production is contributed predominantly by the Antrim Shale.
Rob Gerhard, CEO of Riverside, said, “We are delighted with this acquisition that furthers our goal of continuing to consolidate the Antrim Shale. Adding the seller’s wells, gathering and treating facilities will assist to improve operating efficiencies and production excellence, and ultimately to prolong the economic life of the Antrim Shale as a valuable natural resource. The transaction further cements our position: Riverside is here to stay as a positive contributor to Michigan’s economy and we will continue to seek ways to positively benefit our local communities, enrich the lives of our staff and to apply the highest standard of environmental stewardship to the lands where we operate.”
With this acquisition, Riverside now operates 56% of the natural gas produced in Michigan. Approximately 175 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).