Under the terms of the agreement, Pine Brook Partners will provide up to $100 million of funding and hold a majority stake in the business, with Comet Ridge and the company management retaining a significant stake.
The joint venture, Comet Ridge Resources, owns the portfolio of exploration and development assets previously held by Comet Ridge in the Pacific Northwest and in the Rockies.
The joint venture plans to begin drilling immediately on its acreage in the Florence oil field in Colorado, and geological and geophysical operations will commence later in 2008 over the 425,000 acres it has optioned in the Grays Harbor Basin in Washington State.
Andy Lydyard, president and CEO of Comet Ridge Resources, said: The commitment of Pine Brook is a strong endorsement of the strategy, people and projects that Comet Ridge has assembled in the US. We are very pleased to be partnering with the Pine Brook team and highly value the experience they bring to the joint venture.
