Denver-based Liberty II announces $350 million commitment

Liberty Resources II LLC, a newly formed Denver-based oil-and-gas company, announced Thursday a $350 million commitment, including $300 million from funds managed by energy equity firm Riverstone Holdings LLC, $50 million from Oakmont Corp. and additional amounts from the company's management team.

Riverstone and Liberty II management previously partnered in Liberty Resources LLC, an oil-and-gas company focused on the Bakken Shale of North Dakota.

The company said that after its formation, Liberty established a land position of about 43,000 net acres and drilled and completed 29 operated wells in the Bakken Shale and Three Forks formations of North Dakota. The majority of Liberty's assets were sold to Kodiak Oil & Gas in July for about $680 million.

Liberty II is led by chairman and CEO Chris Wright, president Mark Pearson, chief financial officer Paul Vitek and other former executives of Liberty.

Among potential areas of focus, Liberty II will likely concentrate its efforts in the Denver-Julesberg Basin, the Powder River Basin and the Permian Basin, said the company.

Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz

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Denver-based Liberty II announces $350 million commitment