Northwoods Energy LLC Announces Strong Production Results from Multiple Stacked Targets in the Powder River Basin in Wyoming

DENVER, Jan. 07, 2020 (GLOBE NEWSWIRE) -- Northwoods Energy LLC (“Northwoods”), supported by investment funds affiliated with Apollo Global Management, Inc. (NYSE: APO), announced today initial results from three recently completed wells, targeting three separate formations (Shannon, Niobrara, and Frontier) in Converse County, Wyoming.

Shannon Formation – The Aspen 11W02-3SH generated an IP 24 hour rate of 1,860 barrels of oil equivalent per day ("boe/d") (92% oil), an IP 30 day rate of 1,500 boe/d (91% oil) from a 9,864-foot lateral length (152 boe/d per 1,000’ lateral), and produced approximately 120,000 boe (89% oil) in the first 90-days.

Niobrara Formation – The Spruce 21W33-2NH generated an IP 24 hourly rate of 2,210 boe/d (78% oil) and an IP 30 day rate of 1,740 boe/d (78% oil) from a 9,628-foot lateral length (181 boe/d per 1,000’ lateral), and produced approximately 93,000 boe (67% oil) in the first 60-days.

Frontier Formation – The Pinon 14E23-7FH generated an IP 24 hourly rate of 2,330 boe/d (81% oil) and an IP 30 day rate of 1,740 boe/d (81% oil) from a 9,203-foot lateral length (189 boe/d per 1,000’ lateral).

Ryan Birkenfeld, President and CEO of Northwoods stated, “The Powder River Basin is a world-class basin containing multiple highly economic oil-weighted pay targets. Our recent well results demonstrate the prolific, stacked resource potential of the basin.  We are especially excited by the results of our Niobrara well, which represents an important milestone for Northwoods and highlights our premier position within this repeatable play.”

Aspen 11W02-3SH is located in Section 11 & 02-39N-75W, Converse County, Wyoming (API: 49009466670000). Spruce 21W33-2NH is located in Section 28 & 33-40N-75W, Converse County, Wyoming (API: 49009296140000).  Pinon 14E23-7FH is located in Section 14 & 23-38N-76W, Converse County, Wyoming (API: 49009351000000).

About Northwoods Energy LLC
Northwoods Energy LLC is an upstream oil & gas company based in Denver, CO and has over 190,000 net acres in the Powder River Basin in Wyoming. Northwoods is backed by investment funds affiliated with Apollo Global Management, Inc. and the Northwoods management team.


Northwoods Energy LLC Appoints Nate Wells as Chief Financial Officer

DENVER, July 02, 2018 (GLOBE NEWSWIRE) -- Northwoods Energy LLC (“Northwoods” or the “Company”), a portfolio company of certain funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (“Apollo”), has appointed Nate Wells as Chief Financial Officer. In this role, he will be responsible for corporate functions at Northwoods, including finance, treasury, accounting, tax, and legal.

Tom Tyree, Chairman and Chief Executive Officer, said, “Nate will be instrumental in helping Northwoods grow to be a premier Powder River Basin operator. His 19 years of broad-based finance and accounting experience in both private industry and public accounting makes him a great fit for Northwoods.”

Mr. Wells most recently served as Chief Accounting Officer and Controller at Jonah Energy LLC, a private-equity backed E&P company, and has worked extensively in both the E&P and midstream segments of the energy industry. In addition, he has 11+ years of “Big 4” experience at KPMG and Arthur Andersen where he provided consulting and audit services.

Geoff Strong, Senior Partner at Apollo, said, “We look forward to working with Nate as Northwoods seeks to establish financial reporting and supporting processes, as well as debt and equity financing strategies, from which the Company can build significant scale in the Powder River Basin.”

About Northwoods Energy LLC
Northwoods Energy LLC is an upstream oil & gas company based in Denver, CO and focused on the Powder River Basin. Northwoods is backed by investment funds affiliated with Apollo Global Management and the Northwoods management team, and is led by Chairman and Chief Executive Officer, Tom Tyree.

About Apollo Global Management, LLC
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $247 billion as of March 31, 2018 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. Apollo’s team has extensive experience investing in the Natural Resources industry and, since 2001, certain of Apollo’s flagship private equity funds, have invested or committed to invest approximately $13.2 billion in 37 natural resources-related opportunities (as of March 31, 2018). Greg Beard, Apollo’s Head of Natural Resources, leads a team of approximately 20 private equity professionals focused on identifying value-oriented corporate carve-outs, asset acquisitions/build-ups and distressed investments across the energy and metals and mining markets globally. For more information about Apollo, please visit www.agm.com.

Forward Looking Statements
This press release may contain forward looking statements with respect to Northwoods and Apollo that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Northwoods’ and Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements contained herein. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo's Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 12, 2018, as such factors may be updated from time to time in Apollo's periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other SEC filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.


Northwoods Energy, a Portfolio Company of Funds Affiliated with Apollo Global Management, Announces Its Acquisition of SM Energy’s Powder River Basin Assets for $500 Million

DENVER & NEW YORK--(BUSINESS WIRE)--Northwoods Energy LLC (“Northwoods” or the “Company”) (formerly known as Converse Energy), a portfolio company of certain funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (“Apollo”), today announced it has agreed to acquire SM Energy’s core Powder River Basin assets. The acquisition is comprised of over 112,200 predominantly contiguous net acres of leasehold in Converse, Campbell, and Johnson counties in Wyoming.

Northwoods is led by Chief Executive Officer Tom Tyree, who has extensive experience in the acquisition and development of upstream oil and gas properties in the Rocky Mountains, Marcellus Shale, and Barnett Shale. Mr. Tyree was Co-Founder, President, and CFO of Vantage Energy from 2006 to 2016. He is currently on the board of directors of Bonanza Creek Energy and served as CFO of Bill Barrett Corporation prior to Vantage Energy. The Apollo funds, including Apollo Investment Fund VIII and Apollo Natural Resources Partners II, have committed to invest up to an aggregate of $850 million in Northwoods.

Mr. Tyree said, “Northwoods is excited to be working with Apollo to build a leading Powder River Basin-focused independent E&P business. We believe the basin has some of the best geology of any play in the Lower 48 and that Northwoods has a tremendous opportunity to develop this highly contiguous, core acreage position.”

Geoff Strong, Senior Partner at Apollo, said, “We look forward to working with Tom as Northwoods seeks to become a best-in-class Powder River Basin operator. Northwoods’ acreage position creates a solid foundation from which the Company can build significant scale in the region.”

Tudor, Pickering, Holt & Co. advised the buyer. Vinson & Elkins acted as legal advisor to the buyer.

About Northwoods Energy LLC

Northwoods Energy LLC is an upstream oil & gas company based in Denver, CO and focused on the Powder River Basin. Northwoods is backed by investment funds affiliated with Apollo Global Management and the Northwoods management team, and is led by Chairman and Chief Executive Officer Tom Tyree.

About Apollo Global Management, LLC

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $242 billion as of September 30, 2017 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. Apollo’s team has extensive experience investing in the Natural Resources industry and, since 2001, certain of Apollo’s flagship private equity funds, have invested or committed to invest approximately $12.2 billion in 34 natural resources-related opportunities (as of September 30, 2017). Greg Beard, Apollo’s Head of Natural Resources, leads a team of approximately 20 private equity professionals focused on identifying value-oriented corporate carve-outs, asset acquisitions/build-ups and distressed investments across the energy and metals and mining markets globally. For more information about Apollo, please visit www.agm.com.

Forward Looking Statements

This press release may contain forward looking statements with respect to Apollo that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements contained herein. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo's Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 13, 2017, as such factors may be updated from time to time in Apollo's periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other SEC filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contacts

For investor inquiries regarding Apollo:
Apollo Global Management, LLC
Gary M. Stein, 212-822-0467
Head of Corporate Communications
gstein@apollolp.com
or
Apollo Global Management, LLC
Noah Gunn, 212-822-0540
Investor Relations Manager
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Rubenstein Associates, Inc.
Charles Zehren, 212-843-8590
czehren@rubenstein.com