LONDON (ShareCast) - (ShareCast News) - Riverstone Energy has swung into the black, posting first half profits of $4.056m from a loss of $2.366m in the same period last year.
The energy firm's net asset value was also up to $1.24bn from $1.14bn, which boosted net asset value per share to $16.36, an increase of 2.25% over the same period a year ago.

During the six month period Riverstone invested $580m in seven companies, compromising five new firms and increased investment two others. Riverstone said four of the five new firms had management teams had already run companies for it.

Riverstone now had 15 investments across the Gulf of Mexico, continental US, Canada, Mexico, and the Norwegian and UK continental shelves, the company said in a statement.

Management noted an investment opportunity arising from declining oil prices.

"The investment pipeline for Riverstone's investments remains robust and the company is well positioned in the current commodity price environment," the company said in a statement.

Shares in Riverstone were up 0.83% to 974p at 1210 BST.

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