Riverstone Holdings, JOG Capital lead C$305M financing round for Vesta Energy

Vesta Energy Corp. has entered into definitive agreements with respect to a C$295 million equity financing round priced at C$4.50/share, co-led by energy private equity firms Riverstone Holdings LLC and JOG Capital. Other investors in the round include certain funds managed by JOG and the Vesta management team. In conjunction with the investments by Riverstone and JOG, Vesta has announced a private placement offering of up to C$10 million to existing shareholders at C$4.50/share.

Headquartered in Calgary, Alberta, Vesta is a privately held exploration and production company led by founder and CEO Curtis Cook focused on the development of light oil properties in the shallow Joffre Duvernay Shale oil play. Cook is joined on the management team by Paul Smith (CFO), Grant Rabe (COO), Jenny Ngo (CAO) and Dermot O'Connor (VP exploration).

Vesta has assembled a contiguous land position of over 200,000 net acres within the Joffre Duvernay Shale oil play. The company currently has 23 wells on stream and is producing approximately 3,500 boe/d, of which 80% is light oil. The transaction is anticipated to close on May 26, 2017.

Vesta's financial advisors for the Transaction were BMO Capital Markets and Goldman Sachs Canada. 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...