KKR internalizes shale effortsNovember 2, 2011: 10:52 AM ET
One year ago, I wrote about how Kholberg Kravis Roberts & Co. (KKR) had formed RPM Energy, a new platform that would partner with exploration and development companies in the "unconventional resource" space (read: oil shale). Today, KKR announced that RPM co-founders Claire Scobee Farley and David Rockecharlie have joined the firm as managing directors.
In its press release announcing the appointments, KKR said that it "will be ending the separate build-up of RPM." In other words, the platform won't continue to be built. That, of course, raises an interesting question: Was it ever built in the first place?
KKR isn't officially commenting, but my understanding is that RPM sourced a solitary land deal in the Eagle Ford Shale, which KKR recently sold for around $70 million to a strategic buyer. More specific details are hard to come by, since KKR neither announced the purchase nor disposition.
Claire Scobee Farley and David Rockecharlie will be the only RPM employees joining KKR fulltime, although expectations are that others may serve in some sort of advisory or operational capacity.
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