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Pine Brook, Riverstone to Invest Up to $600 Million in Permian

  • Admiral will pursue deals in oil-rich west Texas basin
  • Former Reliance Energy president to lead new venture
Workers on a rig at the Permian basin outside of Midland, Texas.
Photographer: Brittany Sowacke/Bloomberg

Private equity firms Pine Brook and Riverstone Holdings agreed to invest as much as $600 million in a newly created oil and natural gas explorer in Texas’s energy-rich Permian Basin.

The firms will give Midland, Texas-based Admiral Permian Resources LLC a line of equity to purchase leaseholds and bankroll joint ventures and other deals in west Texas and southeastern New Mexico, Pine Brook co-President Rich Aube said in a phone interview.