PetroShale to raise $94 mln in growth funding from First Reserve
Canadian oil company PetroShale Inc (TSX-V: PSH) has agreed to receive strategic financing of about $94 million (US$75 million) from First Reserve Corp, a U.S. private equity firm. First Reserve agreed to acquire Series A preferred shares in PetroShale's U.S. subsidiary, which will give Managing Director Brooks Shughart a seat on the board. Calgary-based PetroShale said the deal, expected to close in mid-January, will accelerate its long-term plan to acquire and develop light oil interests in the North Dakota Bakken-Three Forks region. Additionally, the company expects to gain financial flexibility and a secure funding source for its 2018 drilling and completions capital program.
2 January 2018•7 mins read
