Private equity fund Carlyle/Riverstone Global Energy & Power Fund II LP and partner Capital C Energy LLC are buying Michigan and Appalachian basin gas and oil producer Belden & Blake for an undisclosed amount. Canton, OH-based Belden & Blake is one of the oldest producers in the Appalachian region and currently has about 360 Bcfe of proved reserves.

Belden & Blake has interests in more than 4,120 wells, holds leases on 924,033 net acres, and owns and operates more than 1,240 miles of gas gathering lines. TPG Advisors II, a private investment partnership, owns 89% of the company. The purchase is expected to close by the end of June. Belden & Blake will become a subsidiary of Houston-based Capital C.

Carlyle/Riverstone said it will retain Belden & Blake’s management team under the direction of Capital C, which was formed in 2002 to accumulate a portfolio of domestic oil and gas assets, with a particular focus on proved developed producing reserves.

“Belden is an excellent first acquisition for Capital C because of its predictable, long life asset profile,” said David M. Leuschen, managing director of Carlyle/Riverstone. “We have long-established relationships with each of the founders of Capital C who are proven leaders and value creators in the E&P sector.”

Capital C President Frost W. Cochran said that working with Carlyle/Riverstone increased “our execution capability in the multi-billion dollar oil and gas reserve acquisition market.”

Riverstone Holdings and The Carlyle Group are the co-general partners of the Carlyle/Riverstone Global Energy and Power Fund II, a $1.1 billion buyout fund. Its current portfolio includes multiple recently purchased assets:

Riverstone is a New York-based energy and power focused private equity firm founded in 2000. It has $1.5 billion under management. The Carlyle Group is a global private equity firm with more than $18 billion under management.

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