The transaction represents the first acquisition by Liberty II since it announced in November 2013 a $350 million equity commitment from funds managed by energy private equity firm Riverstone Holdings LLC ("Riverstone"), including Riverstone Global Energy and Power Fund V and Riverstone Energy Limited ("REL"), management, and other investors. Riverstone and Liberty II management previously partnered successfully in Liberty Resources LLC ("Liberty"), an oil and gas company focused on the Bakken. Over the course of two years and through thirteen discrete proprietary acquisitions, Liberty established a land position of approximately 43,000 net acres and drilled and completed 29 operated wells in the Bakken and Three Forks formations of North Dakota, ultimately achieving over 6,000 boe/day of net production.