Finance - Equity
ENR Partners LP fund had its final close with $445.7 million in total commitments. Gibson, Dunn & Crutcher LLP provided fund formation counsel. Edge did not engage a placement agent.
Almost all of the weakness was from the U.S. market, where BMO, Canada's fourth-largest bank, has a significant presence. U.S. energy companies tend to have more debt, Reuters said.
Denver-based Evolution was launched in July and provides greenfield and strategic acquisition solutions to operators in the Rockies, Bakken Shale, Permian Basin, Midcontinent and Appalachia.
‘We think capital’s really interested in midstream assets and infrastructure,' says energy consultant Arthur Gelber.
About CA$4 million in proceeds will support the exploration and development program. All securities will be subject to a four-month hold period from the closing date.
Charlesbank Capital Partners, EIG Global Energy Partners and Tailwater Capital provided the commitment. Southcross plans to complete an Eagle Ford midstream asset dropdown every four to six months.
On Aug. 14, PostRock Energy Corp. was notified that it has not maintained minimum of $10 million in stockholders' equity. Following delisting, common stock will trade on the OTC market.
Newly formed, Dallas-based Monadnock acquires and develops oil and natural gas in North America, including the Permian Basin. Members of its management team contributed to the commitment.
The offer was upsized by 500,000 shares. Total gross proceeds will be about $175.6 million, and they will repay part of the outstanding revolving credit facility borrowings.
The private-equity firm closed commitments of $60 million for the Anadarko Basin, $25 million for the Bakken/Three Forks area and $100 million for the Eagle Ford, respectively.
Canada’s Cordy Oilfield Services Inc. completed the sale of all the shares of Cordy Manufacturing Inc., its wholly owned subsidiary, to an arm's length purchaser.
The gross proceeds will total CA$2 million. The common shares are priced at five cents each, and the flow through shares are priced at six cents each