Deltastream Energy Corp has received $100 million in funding in a deal led by Canadian energy private equity firm ARC Financial Corp. The transaction included an equity commitment from a subsidiary of U.S. financial services firm Wells Fargo & Co. Deltastream, a Calgary-based exploration and production company focused on medium and heavy oil asset opportunities in Alberta and Saskatchewan, was founded by president and CEO Roger Tang and executive vice president Steve Brownridge. ARC managing director William Slavin is the chairman of the company’s board of directors. Carl Landry, a vice president at ARC, also serves on the board.
Deltastream Raises $100 Million and Begins Operations
Calgary, October 28, 2014
Deltastream Energy Corporation (“Deltastream”), a private start-up exploration and production company recently closed a $100 million equity financing led by ARC Financial Corp. (“ARC”). The financing also included an equity commitment from a wholly owned subsidiary of Wells Fargo & Co. (“Wells Fargo”).
Deltastream is pursuing medium and heavy oil asset opportunities in Alberta and Saskatchewan with a focus on exploiting heavy oil resource through the application of horizontal drilling techniques.
Deltastream was founded by Roger Tang, President & CEO, a geoscientist and Steve Brownridge, Executive Vice President, a geologist, each with over 28 years of industry experience. The team also includes Bill Krepps, Vice President of Operations, JoAnne Dorval-Dronyk, Vice President of Finance and Jill McAuley, Vice President of Engineering. The strong technical team of professionals, each with considerable industry experience, has worked extensively together in the past.
The Deltastream board of directors is led by William (Bill) Slavin, Managing Director of ARC as Chairman and includes Carl Landry, Vice President of ARC, Allen Bey, President & CEO of Rock Energy Inc., Steven Sinclair, former CFO of ARC Resources Ltd. and Roger Tang. Jeffery Dyck, Partner at Gowlings Lafleur Henderson LLP, is Corporate Secretary.
“Securing this financing from ARC and Wells Fargo demonstrates the confidence these two private equity investors have in the Deltastream management team,” said Tang. “It is a very exciting time for all of us at Deltastream as we continue to build our platform to become a premier heavy oil company. We look forward to working with ARC, Canada’s leading energy focused private equity manager, as lead investor in this transaction. It is also a milestone to partner with Wells Fargo on their first exploration & production private equity investment in Canada.”
Wells Fargo Securities acted as the sole financial advisor to Deltastream in connection with this transaction.
For more information, contact Roger Tang at email@example.com, or (403) 860-6033.
Source: ARC Financial Corp.
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