Certain Fortress Investment Group managed funds and accounts have acquired a limited partner interest in Red Rocks Energy Partners to own and develop oil and gas assets in over 7,200 acres in the SCOOP play in Grady, McClain and Garvin Counties, Oklahoma.
Over the last five years, funds within Fortress’ credit business have invested over USD1.5 billion in both debt and equity across the power, renewables, midstream and upstream energy sectors, focused on opportunistic asset level investments.
The transaction is the second significant equity investment in exploration and production since the commodity price downturn, following Fortress Credit’s USD350 million partnership with IOG Capital to provide drilling capital to high quality operators in the US.
Fortress Credit has partnered with Red Rocks Resources to develop conventional and unconventional assets in an emerging area of the SCOOP. The acquired assets have significant current production, low-risk economic vertical locations and highly economic horizontal drilling opportunities in the prolific Woodford shale.
