Oil, gas capital raises in July: Total collected quiets down to $3.65B

U.S. and Canadian oil and gas companies covered by S&P Global Market Intelligence raised approximately $3.65 billion of capital in July, fueled mostly by debt offerings, which pulled in roughly $3.40 billion. The month's capital is a decline from the $6.84 billion collected in June.

Year-to-date, most of the represented oil and gas sectors continued to bring in lower capital raises versus the same prior-year period. Through July, oil and gas storage and transportation companies had raked in $17.67 billion, while oil and gas refining and marketing companies pulled in $9.37 billion. Integrated oil and gas companies only saw $920 million, far below the $36.26 billion in the previous year. Only oil and gas exploration and production companies again recorded a yearly increase, after raising $26.79 billion, up from $13.47 billion in 2020.

Common stock

* MMEX Resources Corp. on July 20 sold 3,750,000 shares of class A common stock for $3.0 million. The corporation will use the proceeds to repay debt and for general corporate purposes and working capital.

Debt

* Venture Global Calcasieu Pass LLC on July 29 issued 3.875% senior secured notes due 2029 for $1.25 billion and 4.125% senior secured notes due 2031 for $1.25 billion. The proceeds will be used by the Venture Global LNG subsidiary for debt repayment, working capital and general corporate purposes.

* Strathcona Resources Ltd. on July 15 offered $497.4 million of 6.875% senior unsecured notes due August 2026. The company will use the proceeds to repay debt.

* Laredo Petroleum Inc. on July 13 issued $400.0 million of 7.75% senior unsecured notes due July 2029. Interest on the notes is payable every Jan. 31 and July 31, starting in 2022. The proceeds will be used for working capital, debt repayment and general corporate purposes.

Private placements

* Petroteq Energy Inc. on July 31 completed a private placement of units and warrants for gross proceeds of $4.8 million, which will be used for the company's extraction technology in Utah and for working capital. Petroteq on July 21 also closed a private placement of a 10% secured convertible debenture with a maturity date of July 2025 for $2.5 million.

* New Stratus Energy Inc. on July 30 completed the second and final tranche of a private placement for gross proceeds of roughly $7.7 million. The company issued 2,726,377 units in the second tranche. Net proceeds from the deal will be used for New Stratus' development and exploration activities on its Colombian block, its evaluation of other opportunities in core assessment areas and for general corporate purposes.

* NextDecade Corp. on July 30 closed a private placement of 5,000 series C preferred shares for gross proceeds of $5.0 million, which the corporation plans to use for development activities related to its planned Rio Grande LNG export facility at the Port of Brownsville, Texas, among other activities.

* Advantagewon Oil Corp. on July 30 completed a private placement of 4,452,000 units for gross proceeds of $1.1 million. The corporation intends to use the deal's proceeds for working capital and general corporate purposes.

* Viking Energy Group Inc. on July 29 closed a private placement of 2,750,000 common shares for gross proceeds of $11.0 million. Viking Energy plans to use the proceeds for the potential acquisition of about a 60.5% stake in a company that manufactures and supplies industrial engines, among other services, for the potential execution of a deal to license a patented carbon capture system and for general working capital purposes.

* James Bay Resources Ltd. on July 27 completed a nonbrokered private placement of 3,000,000 units, each comprising one common share and one common share purchase warrant, for gross proceeds of $239,000. The company intends to use the proceeds for working capital.

* NuVista Energy Ltd. on July 23 completed a private placement of 7.875% senior unsecured notes due July 2026 for gross proceeds of $181.0 million. The company plans to use the transaction's proceeds to redeem all of its existing senior unsecured notes due 2023 for C$220.0 million.

* Cardinal Energy Ltd. on July 15 closed a private placement of 10% subordinated second-lien secured notes for gross proceeds of approximately $10.0 million. As part of the deal, Cardinal Energy will issue one common share purchase warrant for each C$5 of the notes.

* Foothills Exploration Inc. on July 15 received $2.4 million in a round of funding, during which the company issued convertible debt and warrants. A single investor participated in the deal.

* Petro-Victory Energy Corp. on July 15 secured $700,000 during a private placement, which included participation from an existing investor. The corporation issued 9% non-convertible debentures due November 2022 in the deal.

*International Frontier Resources Corp. on July 14 completed a nonbrokered private placement of common shares for proceeds of $785,000, which the corporation will use for general and administrative expenses and general working capital purposes, among others.

* Gelum Capital Ltd. on July 14 closed a nonbrokered private placement of 8,450,000 units for gross proceeds of $675,000. The company plans to use the proceeds to fund the exploration of its Eldorado gold property and for general working capital.

* Wilton Resources Inc. on July 14 completed a nonbrokered private placement of 1,221,432 units, each comprising one common share and one common share purchase warrant, for gross proceeds of $342,000. The company intends to use the deal's proceeds for general corporate purposes and as a reserve for an acquisition of an international oil and gas property.

* Avanti Energy Inc. on July 12 closed a nonbrokered private placement of 2,400,000 common shares for gross proceeds of $3.3 million. The deal included participation from 31 investors. Avanti Energy plans to use the proceeds for land acquisitions and for the drilling of its three-well program.

* Camber Energy Inc. on July 9 issued 1,575 redeemable convertible series C preferred shares for gross proceeds of $15.0 million, which the company will use for working capital, acquisitions and operating expenses, among others.

* Houston Energy LP on July 8 received an undisclosed amount from new investor Quantum Energy Partners LLC during a round of funding.

* Antero Resources Corp. on July 8 also secured an undisclosed amount from new investor Quantum Energy Partners during a round of funding.

* PetroFrontier Corp. on July 8 completed a private placement of 4,979,583 shares for gross proceeds of $297,000, which the corporation intends to use to acquire equipment for drilling, completion and equipping operations and for general corporate purposes.

* Prospera Energy Inc. on July 7 completed a nonbrokered private placement of secured convertible debentures for proceeds of $1.2 million, which the company plans to use for debt payment, working capital and continuing capital programs.