Rifle Shot Oil Corp, a Calgary company focused on acquiring and developing conventional oil reservoirs, has secured initial financing from Canadian private equity firm ARC Financial Corp. The investment’s value was not disclosed. Rifle Shot, which was founded by president and CEO Bruce Hall, said it is looking to deploy approximately $100 million of equity and purchase quality assets. It is currently evaluating numerous asset sales, farm-in opportunities and joint ventures. Last October, ARC led a $100 million investment in Deltastream Energy Corp.
Rifle Shot Oil Corp. announces initial financing by ARC Financial Corp.
CALGARY, Jan. 7, 2015 /CNW/ – Rifle Shot Oil Corp. (“Rifle Shot” or the “Company”) is pleased to announce the closing of its initial financing by ARC Financial Corp.
Rifle Shot is a private company focused on acquiring conventional oil reservoirs and applying the latest development technologies to increase production and oil recovery. The Company, headquartered in Calgary, is looking to deploy approximately $100 million of equity. The Rifle Shot team is a highly technical group of professionals with proven track records of sound business management and innovation in the development of oil reservoirs.
The Company was founded by Bruce Hall, President & CEO, a petroleum engineer with over 25 years of industry experience. The team includes Mike Schmidt (VP Geology), Jason Van Dusen (VP Engineering), Chris Friedley (VP Operations) and Ken Buckley (VP Land).
“We are excited to be partnering with ARC Financial, the leading private equity investor in the Canadian energy sector,” Mr. Hall said. “With ARC’s backing and expertise, we are well positioned to execute on our business plan. We view the current downturn in commodity pricing as an opportunity to acquire quality assets at reasonable prices that will be the platform for the Company’s future growth.”
Rifle Shot is evaluating numerous asset sales, farm-in opportunities and joint ventures and will continue to review additional opportunities as they present themselves.
SOURCE Rifle Shot Oil Corp.
For further information: Contact Bruce Hall at (403)615-5542 or firstname.lastname@example.org
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