Oil and gas company TimberRock Energy Corp has closed a $39 million financing led by Azimuth Capital Management, a Canadian energy private equity firm. Azimuth was joined in the deal by co-investors and U.S. energy asset manager Tudor Pickering Holt & Co Asset Management. Calgary-based TimberRock said the funds raised will be used to continue developing its Glauconite drilling program at Garrington, Alberta, where it has land tied up under farm-in agreements. Azimuth, formerly known as KERN Partners, has backed TimberRock since 2012. The company is also a portfolio investment of Edgestone Capital Partners‘ energy fund.
TimberRock Energy Corp. Announces Closing of Equity Financing
CALGARY, March 6, 2017 /CNW/ – TimberRock Energy Corp (“TimberRock”) is pleased to announce that it has closed a $39 million financing at $0.45/share, led by Azimuth Capital Management, two of its co-investors and Tudor, Pickering, Holt & Co. Asset Management, an energy-focused asset manager. TimberRock will use the proceeds of this financing to continue developing its successful Glauconite drilling program at Garrington, Alberta, where the Company has 45 sections of land tied up under farm-in agreements.
TimberRock is a private oil and gas company headquartered in Calgary, Alberta. The Company’s focus area is in West Central Alberta, where the management team has a long history of experience within the Mannville Group.
For further information: please contact: Chuck Sawyer, President and CEO, TimberRock Energy Corp., (403) 444-6520
Photo courtesy of Government of Alberta