Steelhead Petroleum launches with initial funding from ARC Financial
Calgary-based Steelhead Petroleum Ltd has been launched with initial financing from ARC Financial Corp, a Canadian energy private equity firm. The investment's value was not disclosed, however, Steelhead said it is looking to deploy about $150 million to $200 million of equity to capture and develop quality oil resource opportunities. It plans to focus on conventional assets with large original oil in place and low declines that can be optimized through full-cycle field development. Chris Seasons, a senior advisor and director of ARC, will chair Steelhead's board of directors. In June, ARC closed its eighth fund, ARC Energy Fund 8, at $1.5 billion in committed capital.
22 October 2015•2 mins read
