In 2008, Comet Ridge completed a deal with Pine Brook Road LLC (Pine Brook) to joint venture its US assets into a new company, Comet Ridge Resources LLC. Pine Brook is a New York-based private equity firm that operates in the energy and financial services sectors.

As part of the deal Pine Brook provided a line of equity of US$100m and invested cash of US$7m plus US$2m in assets in return for an initial 56.25% interest in the joint venture. Pine Brook has the opportunity to increase its interest in the venture to 80% interest after which Comet has the right to fund its 20% or be diluted down to a minimum of 5% interest.

Recent drilling and appraisal activity has focused in the Florence Oil Field (Colorado), and Grays Harbour Basin Pacific Northwest). Currently the Florence Oil Field produces approximately 130 BOPD from three wells. Additional drilling is being planned over the next 6 to 12 months.



Back to Top