California Resources Corporation Announces Joint Venture to Invest $250 Million in Oil & Gas Properties

20 Feb 17 Feb, 2017

California Resources Corporation (CRC) announced on 17th February, 2017 a JV with Benefit Street Partners L.L.C. (BSP) 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 JV 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 tranches up to $50 million at the discretion of the JV partners over a two year investment window. Subject to customary conditions, the parties anticipate that the initial investment will fund in approximately two weeks.

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