California Resources forms JV to invest $250m in oil and gasStaff Writer | February 17, 2017
California Resources Corporation announced a joint venture (JV) with Benefit Street Partners (BSP) to invest in CRC’s oil and gas properties in California.
Energy BSP will make an initial $50 million investment
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. ■