•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Petrol Lakes makes $6.5M investment in Petro River Oil

    Petro River Oil

    Petro River Oil Corp. closed a private placement of common stock at $0.08 per share for total gross proceeds of $6.5 million on December 12, 2013. In addition, the company issued a warrant to purchase additional common stock at a strike price of $0.1356 prior to December 12, 2015.

    All of the offering was purchased by Petrol Lakes Holding Ltd., a newly formed investment group based in China with ties to the country's oil and gas industry. The proceeds will be used to fund development of Petro River's portfolio including over 115,000 net acres of oil and gas assets in Kansas, Missouri and Kentucky.

    Petrol Lakes is working with Petro River towards a potential joint venture with a strategic partner in China in the company's 85,000 net acres in the Mississippian Lime play in Kansas. The company is also reviewing acquisition opportunities in the Mississippi Lime play in Kansas and Oklahoma.

    Petro River has formed a wholly-owned subsidiary named Petro Spring LLC to acquire and develop technologies with a focus on enhanced oil recovery.

    Most Popular

    Related Articles

    Matador closes Delaware Basin joint ventures

    06/09/2015 Matador Resources Co. has completed its joint ventures with certain affiliates of HEYCO Energy Group Inc., the former parent company of Harvey E. Yates Co., before HEYCO’s merger with a wholly owne...

    First phase of Australia's GLNG field construction completed

    06/08/2015

    Santos Ltd. says that all three of Santos GLNG’s major natural gas compression hubs in Queensland, Australia, are now operational, marking the end of the first phase of gas field construction.

    Central Petroleum acquires Mereenie stake from Santos for $37.4M

    06/04/2015 Central Petroleum Ltd. has agreed to acquire a 50% interest in the Mereenie oil and gas field from Santos Ltd. and assume operatorship of the field in the Northern Territory’s Amadeus Basin in Aust...

    Rey Resources acquires stake in Derby Block in Canning Basin

    06/02/2015 Australia's Rey Resources Ltd.’s wholly owned subsidiary company Rey Lennard Shelf Pty Ltd. has completed the acquisition of a 50% participating interest in petroleum exploration permit EP487 (the ...

    ConocoPhillips achieves first steam at Surmont 2 oil sands project

    06/02/2015

    ConocoPhillips achieved a milestone at its Surmont oil sands project in Canada with the on-schedule start of first steam at Phase 2 on May 29.

    Cooper Energy completes acquisition of interest in Sole gas field

    05/26/2015 Australia's Cooper Energy Ltd. has completed its acquisition of a 50% interest in the Sole gas field in the Gippsland Basin and Orbost gas plant, with the project entering front-end engineering and...

    More Oil & Gas Financial Articles

    Matador closes Delaware Basin joint ventures

    Tue, Jun 9, 2015

    Matador Resources Co. has completed its joint ventures with certain affiliates of HEYCO Energy Group Inc., the former parent company of Harvey E. Yates Co., before HEYCO’s merger with a wholly owned subsidiary of Matador in February.

    First phase of Australia's GLNG field construction completed

    Mon, Jun 8, 2015

    Santos Ltd. says that all three of Santos GLNG’s major natural gas compression hubs in Queensland, Australia, are now operational, marking the end of the first phase of gas field construction.

    Central Petroleum acquires Mereenie stake from Santos for $37.4M

    Thu, Jun 4, 2015

    Central Petroleum Ltd. has agreed to acquire a 50% interest in the Mereenie oil and gas field from Santos Ltd. and assume operatorship of the field in the Northern Territory’s Amadeus Basin in Australia.

    Rey Resources acquires stake in Derby Block in Canning Basin

    Tue, Jun 2, 2015

    Australia's Rey Resources Ltd.’s wholly owned subsidiary company Rey Lennard Shelf Pty Ltd. has completed the acquisition of a 50% participating interest in petroleum exploration permit EP487 (the Derby Block) from Backreef Oil Pty Ltd.

    ConocoPhillips achieves first steam at Surmont 2 oil sands project

    Tue, Jun 2, 2015

    ConocoPhillips achieved a milestone at its Surmont oil sands project in Canada with the on-schedule start of first steam at Phase 2 on May 29.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ