RockPile Energy Sale Draws Suit Against Private Equity Group

RockPile Energy Services LLP’s former directors were hit with a Delaware lawsuit claiming they sold it on self-dealing terms to a private equity consortium led by White Deer Energy LP that stripped the fracking company for parts.

RockPile’s board dealt with “severe financial distress” following a 2014 crash in oil and gas prices by maximizing liquidity at the expense of value, according to the Chancery Court complaint. The derivative suit was filed by Gordian Triangle Holdings LLC on behalf of former RockPile parent Triangle Petroleum Corp., now a one-employee holding company. It also targets White Deer, Keane Group Inc., ...