One-Page Deal Sheet
California Resources Inks $250MM JV with Private Equity Firm
Benefit Street Partners LLC California Resources Corp.
Announced Date
February 17,2017
Transaction Type
JV - DrillCo
Enterprise Value (EV)($MM)
250
Asset/Basin:
{"San Joaquin","Los Angeles",Ventura,Sacramento}
Transaction Details: Require Private Equity Subscription
California Resources announced a joint venture (JV) with Benefit Street Partners to invest in CRC’s oil and gas properties in California, with a focus on development opportunities in multiple CRC producing fields. CRC will operate the properties.
The Joint Venture calls for Benefit Street Partners to invest up to $250 million for development opportunities in both conventional and unconventional assets of CRC in California.
BSP will make an initial $50 million investment to be directed toward drilling activities across properties subject to the JV. BSP will make subsequent investments in…
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