AEXCO Petroleum Inc. has entered into a joint venture (JV) agreement with Juneau Energy LLC (JE) to further develop AEXCO's assets in the US Mid-Continent region.
JE has committed $50 million to the development JV. Funded capital will be used to develop and expand AEXCO's operations in this region. Given the scale of the project and the extent of the acreage position, there is the potential to develop more than 150 horizontal and vertical drilling locations.
Petro Capital Securities LLC served as AEXCO's advisor and secured the JE capital commitment.