Press Release (June 1, 2017)
On June 1, 2017, Riverside Energy Michigan, LLC acquired 100% of the equity ownership interests of SRW, Inc and certain affiliated entities. The SRW entities encompass 229 operated Antrim natural gas wells producing approximately 3 million cubic feet of gas per day, approximately 125 miles of gathering and transmission pipeline, 9 central production facilities, a CO2 treating plant and 21,000 net acres of leasehold. The SRW properties are located in Antrim and Otsego counties.
Riverside Energy Holdings LLC was formed in 2016 between White Deer Energy (www.whitedeerenergy.com) and the Umbono Capital group (www.umbono.com), to acquire Chevron’s Michigan assets. Subsequently Riverside has acquired additional Antrim Shale and other oil and gas interests, including the purchase of O.I.L. Energy Co., LLC described in the February 1, 2017 edition of the Michigan Oil & Gas News. With the SRW acquisition, Riversides now operates over 2,600 Antrim wells and owns over 337,000 net acres in Michigan. An affiliated Riverside company owns and operates the ex El Paso New Albany Shale play properties in southern Indiana, considered to be a “sister play” to the Antrim Shale (see www.riversideenergygroup.com).
Riverside CEO Rob Gerhard commented, “The acquisition of SRW is another step in our goal of consolidating the Antrim Shale with the vision of prolonging its life while making a positive impact on the communities of Northern Michigan and our environment. We have enjoyed developing a strong and professional relationship with the former shareholders and members of SRW and their related companies, and our doors remain open to additional Antrim Shale and other oil and gas opportunities in Michigan.”