KKR and Fleur de Lis Energy to Acquire Wyoming EOR Assets

KKR and Fleur de Lis Energy ("FDL") today announced the closing of an acquisition of certain CO2 enhanced oil recovery (EOR) properties (the "Assets") from Anadarko Petroleum Corporation. The Assets are located in the Powder River and Green River Basins of Wyoming. Commenting on the acquisition, FDL CEO Porter Trimble stated: "The FDL team has a deep history and significant experience acquiring and operating similar, high quality oil fields under tertiary recovery. These fields have over 2 billion barrels of original oil in place, with only a portion of that recovered to-date. These are exactly the type of long-lived oil assets we look to own and operate" The Assets include the Salt Creek Field, Monell Field, Linch Field and Howell Pipeline with approximately 14,000 boe/d of net production and CO2 pipeline capacity of 270 mmcf/d. The Assets also include an attractive inventory of near-term development opportunities. "This is a very interesting time in the cycle to be acquiring long-lived, producing oil assets, and we are pleased to be able to do so in partnership with the Fleur de Lis team. Porter and his team have a strong track record of creating value with mature tertiary recover projects by finding opportunities to enhance performance." said Jonathan Smidt, a Member of KKR. Founded by former Merit Energy Company Vice Chairman, Porter Trimble, FDL currently manages 7,400 BOE/day of natural gas assets in Southern Mississippi and oil assets in the Permian Basin of West Texas. KKR and FDL entered into a partnership in 2014 to pursue investments in producing oil and gas properties in North America. This is the third acquisition acquired as part of that partnership, following the July 2014 acquisition of Selma Chalk properties from Penn Virginia Corporation and the November 2014 acquisition of Wolfberry assets from Linn Energy, LLC. KKR's Global Energy & Infrastructure business invests across the entire energy supply chain and the firm manages approximately $10 billion in energy and infrastructure related assets. KKR's energy and infrastructure team is composed of approximately 40 investment professionals globally, 25 of whom are based in North America.