Emerald Oil Inc. (NYSE: EOX) signed a definitive agreement with White Deer Energy to issue and sell US $50 million of perpetual preferred stock to White Deer.
White Deer has agreed not to enter into any short sales or hedge transactions relating to the Emerald common stock. Closing and funding is scheduled for Feb. 19.
Upon closing the investment, Thomas J. Edelman, a managing partner at White Deer, will be added to Emerald's board of directors.
Johnson Rice & Company LLC acted as advisor to Emerald.
White Deer Energy is an energy private equity firm based in Houston and New York.
Emerald is an independent E&P company based in Denver.