Riverstone Holdings and The Carlyle Group Announce $100 Million Commitment to Targe Energy

New York - Targe Energy LLC (Targe) and Carlyle/Riverstone Global Energy and Power Fund III, L.P. (C/R) announced today that C/R will invest $100 million in Targe to fuel the company’s growth strategy. Targe is an energy company based in Pittsburgh, PA that operates surface coal mines, reclaims coarse waste coal and coal fines, performs contract drilling services and acquires its own natural gas reserves. In addition to C/R’s commitment, Targe also received $17.5 million of capital investment from various minority investors and management. The $117.5 million in new capital has enabled Targe to advance its Appalachia-focused coiled-tube drilling business, acquire additional coal reserves and roll in three existing surface and waste coal businesses that were being operated by Targe management.

Bill Spence, Chief Executive Officer of Targe, said, "Riverstone brings both capital and energy industry expertise that are an ideal match for us now. We are excited to partner with people who share our view on the potential to significantly grow Targe through the acquisition and exploitation of coal and natural gas reserves."

Targe Energy LLC
Based in Pittsburgh, Pennsylvania, Targe has three primary lines of business. Targe Energy Coal, LLC controls substantial coal reserves and currently operates surface mines in Northern Appalachia. Targe Energy Reclamation, LLC is an industry leader in the mining and reclamation of both coarse waste coal and coal fines that are sold into the steam and metallurgical markets. Targe Energy Exploration & Production, LLC owns conventional and coiled tube drilling rigs that are used to exploit conventional and coal bed methane gas reserves throughout Northern Appalachian and the rest of North America. Targe is committed to acquiring reserves and partnering to exploit coal, waste coal and natural gas resources by using its technology and superior operating capabilities. For more information, contact Matthew Miller, Chief Operating Officer, at 412-784-0750.

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