Carlyle/Riverstone and Capital C Energy to Acquire Belden & Blake Corporation

New York, NY -- Carlyle/Riverstone Global Energy & Power Fund II, L.P. today announced that, through its new partnership with Capital C Energy, LLC, it has entered into a cash merger agreement to acquire all of the outstanding stock of oil and gas producer Belden & Blake Corporation.

Headquartered in Canton, Ohio, Belden is one of the oldest and largest oil and gas producers in the Appalachian and Michigan basins with proved reserves at year-end 2003 of approximately 360 Bcfe. The company has been active in virtually every aspect of exploration and production with a highly experienced team of professionals. The company’s management team will remain with the company under the direction of Capital C.

Capital C, headquartered in Houston, Texas, seeks to accumulate a portfolio of domestic oil and gas assets, with a particular focus on proved developed producing reserves. The company was founded in May 2002 by David M. Carmichael, Frost W. Cochran and Peter R. Coneway and the management team includes B. Dee Davis and W. Mac Jensen.

David M. Leuschen, Managing Director of Carlyle/Riverstone said, “Belden is an excellent first acquisition for Capital C because of its predictable, long life asset profile. We have long-established relationships with each of the founders of Capital C who are proven leaders and value creators in the E&P sector.”

Frost W. Cochran, President and CEO of Capital C, said, “Working with Carlyle/Riverstone, a sophisticated and substantial equity provider, increases our execution capability in the multi-billion dollar oil and gas reserve acquisition market. We are excited about the Belden transaction and look forward to building a substantial energy company.”

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