PE-Backed Driller Sells $1B In Assets After Axing IPO

Law360, New York (May 14, 2012, 1:41 PM ET) -- Oil and gas driller Concho Resources Inc. will pay $1 billion for the Texas and New Mexico acreage of private equity-backed Three Rivers Operating Co., which is selling assets after scrapping its plans to go public, Concho said Sunday.

The acquisition is the biggest since 2010 for Concho, which is shifting its focus from North Dakota to the Permian Basin, where crude oil prices near $100 per barrel are spurring land grabs.

Three Rivers is owned by Riverstone Holdings LLC and The Carlyle Group. The two...
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