Dallas, Texas – August 29, 2011 – Five States Energy Capital, LLC (“FSEC”), which provides Independent Capital for Independent Producers®, is pleased to announce the closing of $85 million in financing for a Bakken Shale Producer (“Client”) on August 18, 2011 to further develop its Bakken assets and acquire additional working interests in the trend. The financing agreement consists of a $25 million senior credit facility, $50 million junior credit facility and $10 million acquisition facility.
After assessing several financing strategies and proposals, FSEC was selected by the Client as its preferred partner partly due to FSEC’s own experience in the participation of drilling oil and gas wells in the Bakken the past 6 years. The Client expects to participate in the drilling of an additional 50 Bakken wells in the next 18-months in Williams and McKenzie Counties, North Dakota.
“We are very excited to enter into this financing agreement.” said Five States Energy Capital, LLC President and CEO, Arthur N. Budge, Jr. “We have been active in the Bakken for several years, and we continue to search for ways to participate in the development of oil and gas assets in the trend. We expect this partnership to be mutually successful for several years as we partner to further develop these assets.”
About Five States Energy Capital, LLC
FSEC was established in 2007 to provide customized capital solutions to independent producers located throughout Texas, New Mexico, the Mid-Continent and the Rockies. Combined with its affiliate, Five States Energy Company, LLC, Five States manages more than $250 million in oil and gas investments.
For more information contact:
Dallas Office: 4925 Greenville Avenue, Suite 1220 • Dallas • Texas • (214) 560-2573