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HOUSTON & OKLAHOMA CITY–(BUSINESS WIRE)–KKR, a leading global investment firm, and Western Natural Resources,
LLC (“Western”) today announced a new partnership to acquire producing
and undeveloped oil and gas assets in the Williston Basin.

The Williston Basin includes meaningful existing production and high
quality, well-defined remaining drilling inventory well suited to KKR’s
Energy Real Assets strategy, which prioritizes the generation of free
cash flow and strong asset level returns in the upstream oil and gas
sector.

Western’s CEO Heath Mireles and his team bring extensive operating
experience to the partnership, having drilled, completed and operated
thousands of wells over the Williston Basin’s long history. The Western
team will leverage their collective experiences from time spent at large
public operators as well as other private companies to acquire, manage
and develop producing wells and drilling locations throughout the play.

Ben Conner, Director on KKR’s Energy Real Assets team, said, “The
Williston continues to be a core area of focus for us as we see a
significant opportunity to acquire high quality producing assets with
attractive long-term value creation opportunities to be delivered
through superior technical and operational execution. We have known
Heath and members of his team for years and believe our partnership is
well positioned to acquire and manage assets in the Williston for the
long run.”

Heath Mireles, CEO of Western added, “We are excited to partner with KKR
and bring what we feel is a differentiated view and business model to
the basin to build a premier asset base focused on delivering strong
risk-adjusted returns.”

KKR is making its investment in the partnership through funds affiliated
with KKR’s Energy Real Assets strategy, which has invested
approximately $4.0 billion in capital across 12 transactions since 2015
and manages a portfolio of oil and gas assets in numerous unconventional
and conventional resource areas across the United States.

About KKR

KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners that
manage hedge funds. KKR aims to generate attractive investment returns
for its fund investors by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation with KKR portfolio companies. KKR invests its own capital
alongside the capital it manages for fund investors and provides
financing solutions and investment opportunities through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and
on Twitter @KKR_Co.

About Western

Western is a private company focused on the acquisition and exploitation
of upstream oil and gas assets. Headquartered in Oklahoma City,
Oklahoma, its primary objective is to build and operate a large-scale
portfolio of producing oil and gas wells and drilling locations in the
Williston Basin. For additional information about Western, please visit
Western’s website at www.wnrllc.com.

Contacts

Media:
Kristi Huller or Cara Major, + 1-212-750-8300
media@kkr.com