Radiant Oil & Gas Inc. (OTC: ROGI) has completed the purchase of oil and gas properties in Louisiana and Mississippi for $19 million in a combination of cash and Radiant shares. Radiant also announced the closing of a $40,600,000 senior credit facility arranged by WoodRock & Co.
In addition to funding the cash portion of the acquisition, proceeds from the credit facility will allow Radiant to develop multiple re-entry, work-over and drilling opportunities on acquired acreage throughout south Louisiana and Mississippi.
The acquired properties contain over 80 wells. The Louisiana properties include over 39 wells and numerous leases in Catahoula, Concordia, La Salle and St. Mary's parishes. The Mississippi properties include over 41 wells and numerous leases in Adams, Amite, Franklin, and Wilkinson counties. The properties include up to 24 productive wells and up to 36 shut in wells that have been evaluated for work-over and behind-pipe opportunities, which will provide for cost-effective near-term production increases.
WoodRock & Co. acted as financial advisor to Radiant in both the arranging of the credit facility and in the purchasing of the acquired properties.