Energy Hunter Resources has closed a new GBP3 million funding round.
Total private capital raised since the formation of the company last year is approximately USD7 million, all of which has been raised from a combination of insiders and certain private individual investors.
This new capital commitment will allow the company to spud its first Eagle Ford Shale horizontal well, the Gap Band No2, located in Karnes County, Texas, the most prolific oil and gas producing county in the State of Texas, sometime later this month. The drilling pad has been constructed and is complete. Patterson UTI Drilling Rig No234 has been contracted and is in the process of setting up on location.
Gary C Evans, chairman and chief executive officer of Energy Hunter Resources, says: “Management has chosen not to accept typical private equity funding at this time in an effort to maintain complete control and oversight of its operations. However, we continue to negotiate on a large number of strategic property acquisitions, predominantly located in the Permian Basin, which will eventually necessitate a significant capital raise either in the private or public markets.”
