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Energy   BSP will make an initial $50 million investment

California Resources forms JV to invest $250m in oil and gas

California Resources CorporationCalifornia Resources Corporation announced a joint venture (JV) with Benefit Street Partners (BSP) to invest in CRC’s oil and gas properties in California.

A focus will be on development opportunities in multiple CRC producing fields. CRC will operate the properties.

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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 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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