LEI: 213800HAZOW1AWRSZR47

23 August 2023

Permian Resources announces the Acquisition of Earthstone Energy in All - Stock Transaction for $14 billion.

Riverstone Energy Limited is pleased to announce - On 21 August 2023, Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE: PR) and Earthstone Energy, Inc. ("Earthstone Energy" or "Earthstone") (NYSE: ESTE) announced that they have entered into a definitive agreement under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone's net debt. Under the terms of the transaction, each share of Earthstone common stock will be exchanged for a fixed ratio of 1.446 shares of Permian Resources common stock. The transaction strengthens Permian Resources' position as a leading Delaware Basin independent E&P with over 400,000 Permian net acres, pro forma production of approximately 300,000 Boe/d and an enhanced free cash flow profile to increase returns to shareholders.

REL maintains a 10 million share position, the merger is expected to close during the fourth quarter of 2023.

About Riverstone Energy Limited:

REL is a closed-ended investment company which invests in the energy industry that has since 2020 been exclusively focussed on pursuing and has committed $193 million to a global strategy across decarbonisation sectors presented by Riverstone's investment platform. REL's ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. REL has 15 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S., Western Canada, Europe and Australia.

For further details, seewww.RiverstoneREL.com

Neither the contents of Riverstone Energy Limited's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

Media Contacts

For Riverstone Energy Limited:

Josh Prentice

+44 20 3206 6300

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REL - Riverstone Energy Ltd. published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 06:11:04 UTC.