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In This List

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Oil, gas capital raises in December 2019: Capital raised slows to just above $3B

U.S. oil and gas companies covered by S&P Global Market Intelligence raised roughly $3.34 billion of capital in December 2019, almost entirely made up of debt offerings from Cameron LNG LLC. The non-Cameron capital raises — totaling $324.3 million — spanned common equity and private placements.

Looking at the distinct industry segments, oil and gas storage and transportation companies closed out the year 2019 with $42.64 billion in capital raises, the largest amount of money for a single industry segment. Integrated oil and gas companies came next, with $21.32 billion in capital raises through Dec. 31, 2019. Oil and gas exploration and production companies raised $12.12 billion in 2019, while oil and gas refining and marketing companies pulled in $8.41 billion.

Common equity

Brigham Minerals Inc. on Dec. 11, 2019, sold $199.1 million worth of class A common stock, with proceeds to be used for acquisitions and debt repayment.

Debt

Cameron LNG on Dec. 5, 2019, raised a total of $3.02 billion from debt offerings, including $820 million of 3.302% senior secured notes due Jan. 15, 2035, and a separate tranche of 2.902% senior notes due July 15, 2031. The LNG developer plans to use the proceeds to pay down debt and for general corporate purposes.

Private placements

Zenith Energy Ltd. on Dec. 31, 2019, sold $876,000 of common shares in a private placement that included participation from both private and institutional investors from Norway. The proceeds will be used to purchase drilling equipment and for general working capital.

Ossidiana Energy Holdings LLC on Dec. 31, 2019, received an undisclosed amount in a round of funding that included participation from private equity firm Warburg Pincus LLC.

Legacy Reserves Inc. on Dec. 26, 2019, carried out a $66.5 million private placement days after the company emerged from Chapter 11 reorganization proceedings. Legacy Reserves reduced its debt through an equitization of existing debt and about $255 million of new equity capital, emerging with $388 million of total debt outstanding.

Contango Oil & Gas Co. on Dec. 23, 2019, sold $5.9 million of series C preferred shares under a private placement deal. The preferred shares were sold at a price of $2.50 per share and the deal included participation from affiliates of the company's board chairman and president and CEO. The company plans to use the proceeds for general corporate purposes, including capital expenditures.

Reconnaissance Energy Africa Ltd. on Dec. 23, 2019, sold $1.2 million of common shares through private placements worth $667,000 and $517,000, the proceeds of which will be used for exploration and general corporate purposes. Reconnaissance Energy Africa was formerly known as Lund Enterprises Corp.

Return Energy Inc. on Dec. 19, 2019, sold $19.0 million of units composed of common shares and purchase warrants under a nonbrokered private placement. The company will use the proceeds to fund additional working capital and potential acquisitions.

Petroteq Energy Inc. on Dec. 17, 2019, received $1.1 million in funding from three investors. The company issued common shares in the transaction.

Prospera Energy Inc. on Dec. 17, 2019, sold $200,000 worth of common shares and units under a nonbrokered private placement, with participation from insiders of the company. Proceeds will be used for debt repayment, continuing capital programs and working capital.

Marksmen Energy Inc. on Dec. 13, 2019, closed a nonbrokered private placement of its units for proceeds of roughly $200,000, to be used as working capital to support light oil exploration activities in Ohio.

Inspiration Mining Corp. on Dec. 11, 2019, sold $1.5 million of units composed of common shares and purchase warrants under a nonbrokered private placement, with proceeds to be used for general corporate and working capital purposes.

Wilton Resources Inc. on Dec. 11, 2019, sold $300,000 of common shares and warrants under a nonbrokered private placement. The company plans to use the proceeds for general corporate purposes, future working capital, and as a reserve to fund the acquisition of an international oil and gas property.

Discovery Energy Corp. on Dec. 6, 2019, raised $100,000 in funding with participation from one investor and issued common shares in the transaction. On Dec. 10, 2019, the company received $50,000 through another round of funding, also issuing common shares. The deal also included participation from a single investor.

NG Advantage LLC on Dec. 9, 2019, sold $26.7 million of preferred shares during a round of funding with participation from one investor. The company will use the proceeds for compensation and working capital.

Hillcrest Petroleum Ltd. on Dec. 4, 2019, sold $500,000 of common shares and warrants in a private placement, including participation from nine placees. Proceeds will be used to pay outstanding accounts payable, including the retirement of a senior secured creditor loan and overdue creditor debt. The proceeds will also go toward what the company described as "immediate operation liabilities," along with general working capital.

DXI Energy Inc. on Dec. 3, 2019, closed a brokered private placement with roughly $700,000 in proceeds. The company issued units consisting of one common share and one full common share purchase warrant. The proceeds will be used to fund DXI's initial methanol plant design and development costs, along with general working capital for its oil and gas production operations.

Torchlight Energy Resources Inc. on Dec. 3, 2019, issued convertible promissory notes under a private placement for proceeds of $540,000. The transaction involved participation from an individual investor.

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