Fieldwood Energy LLC Closes $3.75 Billion Gulf of Mexico Shelf Acquisition

  Fieldwood Energy LLC Closes $3.75 Billion Gulf of Mexico Shelf Acquisition

PR Newswire

HOUSTON, Sept. 30, 2013

HOUSTON, Sept. 30, 2013 /PRNewswire/ --Fieldwood Energy LLC ("Fieldwood"), a
portfolio company of Riverstone Holdings LLC, the New York-based private
equity firm, announced today the closing of its acquisition of Apache
Corporation's (NYSE, Nasdaq: APA) Gulf of Mexico Shelf business for $3.75
billion, based on an effective date of July 1, 2013. The acquisition
establishes Fieldwood as the owner of the largest operated asset base on the
Gulf of Mexico Shelf with a leasehold comprising greater than 500 blocks and
net production of approximately 100,000 boepd, which is 55% oil.

Matt McCarroll, President and Chief Executive Officer of Fieldwood, commented,
"Closing this acquisition within nine months of our formation represents a
monumental achievement for our Company and is the result of a tremendous
effort by the operational, financial and legal employees and advisors at both
Fieldwood and Apache. Our organization has grown substantially as we welcome
more than 600 new employees to our team. I am confident that this group will
enable Fieldwood to have a highly successful future in the Gulf of Mexico."

The Company successfully completed its debt syndication efforts resulting in a
debt structure comprised of a Revolving Credit Facility, First Lien Term Loan
and Second Lien Term Loan. Citi and J.P. Morgan Securities LLC served as
Joint Lead Arrangers for the First Lien Term Loan and J.P. Morgan Securities
LLC and Citi served as the Joint Lead Arrangers for the Second Lien Term
Loan. BofA Merrill Lynch, Deutsche Bank and Goldman Sachs also served as
Joint Lead Arrangers for the debt facilities. Citi, J.P. Morgan Securities
LLC, Deutsche Bank and BofA Merrill Lynch also provided financial advisory
services to Fieldwood.

About Fieldwood Energy LLC

Fieldwood is a Houston-based portfolio company of Riverstone Holdings LLC.
Fieldwood is focused on the acquisition and development of conventional oil
and gas assets in North America, including the Gulf of Mexico. Fieldwood is
led by CEO Matt McCarroll and other former senior executives of Dynamic
Offshore Resources and Apache Corporation. This venture represents the second
partnership between Riverstone and the Fieldwood management team, who
previously partnered successfully to build Dynamic Offshore Resources into one
of the largest operators on the Gulf of Mexico Shelf.

About Riverstone Holdings LLC

Riverstone is an energy and power-focused private investment firm founded in
2000 with approximately $26 billion of equity capital raised across seven
investment funds. Riverstone conducts buyout and growth capital investments in
the exploration & production, midstream, oilfield services, power and
renewable sectors of the energy industry. With offices in New York, London and
Houston, the firm has committed approximately $24 billion to 103 investments
in North America, Latin America, Europe, Africa and Asia.


For Fieldwood Energy LLC:

Matt McCarroll
Fieldwood Energy LLC
333 Clay Street, Suite 3400
Houston TX 77002
(713) 630-8900

For Riverstone Holdings LLC:

Jeffrey Taufield or James David
Kekst and Company

SOURCE Fieldwood Energy LLC
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