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Private equity firm launches drilling venture in western U.S. |
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Written by MICHAEL BURNHAM, Greenwire
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Thursday, 24 July 2008 |
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Pine Brook Road Partners LLC, a New York-based private equity firm,
announced a joint venture today with Australia's Comet Ridge Ltd. to
develop oil and gas assets in the Pacific Northwest and Mountain West.
The joint venture, called Comet Ridge
Resources, plans to begin drilling immediately in Colorado's Florence
field. The company also plans to commence oil and gas exploration
activities amid its assets in Oregon and Washington, including about
435,000 acres in Washington's Grays Harbor Basin, a company spokeswoman
said.
Pine Brook Road Partners will hold a majority stake
in the joint venture and will provide $100 million in capital.
Melbourne-based Comet Ridge (ASX: COI) and company managers will also hold a significant stake, officials noted in a press release.
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Last Updated ( Thursday, 24 July 2008 )
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