Black Ridge forms equity JV with Merced Capital

Black Ridge Oil & Gas Inc. (OTCQB: ANFC) has signed a definitive agreement with Merced Capital to form an entity that will acquire and develop Williston Basin non-operated assets. 

The joint venture will be funded by Merced with an initial investment target of $50 million. Investments will be subject to Merced approval, and will be managed by Black Ridge.

The joint venture assets will be managed by Black Ridge in exchange for a management fee and reimbursement of third-party expenses, and, after certain investor hurdles are met, Black Ridge will receive a share of profits in the venture. Black Ridge will also have the option to co-invest up to 25% on acquisitions and capital expenditures alongside the venture and any such co-investments will reside directly within Black Ridge. Upon the sale of joint venture assets, Black Ridge will also have the option to bid and acquire the assets.

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