Energy Hunter Resources, Inc., an oil-focused energy company headquartered in Dallas, Texas (www.energyhunter.energy), today announced that it has completed a private placement of 3,150,000 shares of its common stock for aggregate gross proceeds equal to approximately $3.15 million of new common equity capital.
Energy Hunter Resources acquired two separate lease blocks totaling approximately 500 net acres located in the heart of the Eagle Ford shale along the Karnes Condensate Trend in Karnes County, Texas. The total acreage position is prospective for both the lower and upper Eagle Ford Shale, as well as the Austin Chalk formation. There are no drilling commitments on this acreage until 2017. Energy Hunter owns 87.5 percent of the working interest in these properties and will be the operator of record on all new wells drilled. Approximately 14 wells can be drilled in the lower Eagle Ford formation between the two prospects, as well as an additional 10 wells in the upper Eagle Ford formation for a total of 24 wells, excluding the Austin Chalk formation and potential drilling sites therein. Combined, total recoverable reserves are estimated at 16 MMBOE. At current strip pricing, adjacent wells have reached payout in less than one year with ROI’s greater than 80 percent utilizing current commodity prices.
Gary C. Evans, Chairman and Chief Executive Officer of Energy Hunter Resources, Inc., said, ‘The recently completed private placement could not have come at a more opportune time due to this downcycle. Asset prices in the industry, even with the recent uptick in commodity prices, remain at severely depressed levels. Many operators that may be over-leveraged or that may be seeking to unload non-core assets, are creating opportunities for companies like Energy Hunter Resources. Additionally, existing leases are expiring from their primary term due to the lack of capital being deployed. When we saw this opportunity, we decided to move quickly to execute on our business plan. We structured the private placement, exceeded our private placement fund raising goals, and subsequently completed the acquisition, all within 60 days.’
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