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KKR and Premier Natural Resources to pursue US oil and gas investments

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Kohlberg Kravis Roberts and Premier Natural Resources have formed a partnership to pursue investments in oil and gas properties in North America.

The relationship between KKR and PNR dates back to 2008 when they first worked together to evaluate investments in the oil and gas sector.

In 2009, PNR assisted KKR in evaluating its investment in East Resources, a privately owned oil and natural gas exploration and development company with operations in Appalachia’s Marcellus shale region.
“We are always looking to partner with exceptional management teams and PNR has exactly what we look for: a long and successful history of acquiring and operating businesses in the energy sector and improving their performance. As part of KKR’s focus on the energy industry, we identified a unique opportunity to acquire oil and gas properties in the current environment, and we are excited to formalize this partnership with PNR,” says Marc Lipschultz, member of KKR and global head of energy and infrastructure.

“KKR has a highly specialised team with a deep understanding of the oil and gas sector; they share our view that there is an attractive opportunity to acquire oil and gas properties in the current environment and we are excited to work together to pursue future acquisitions. This is about marrying PNR’s operational and technical knowledge and KKR’s operational, financial, and investment expertise to source attractive investment opportunities," adds Charles C. Stephenson, chairman and co-founder of PNR.

KKR’s first investment in the energy sector was in Union Texas Petroleum in 1985. Recent transactions include East Resources; Energy Future Holdings (formerly known as TXU); Texas Genco, now owned by NRG Energy; and ITC Holdings.

Founded in June 2006 by former executives of Vintage Petroleum, PNR currently operates a portfolio of assets located in the Texas Gulf Coast and the Permian Basin and has experience operating assets in most of the major producing basins in the US.

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