DALLAS, April 6, 2017 /PRNewswire/ — Energy Hunter Resources, Inc., an exploration and production company with a balanced portfolio of oil and natural gas properties located in the Permian Basin and Eagle Ford Shale regions and headquartered in Dallas, Texas (www.energyhunter.energy), announced today the Closing of new funding in the amount of $3.0 Million from certain insider(s). Total private capital raised since the formation of Energy Hunter last year is approximately $7.0 Million, all of which has been raised from a combination of insiders and certain private individual investors (friends and family).
This new capital commitment will allow the Company to spud its first Eagle Ford Shale horizontal well, the Gap Band #2, located in Karnes County, Texas, the most prolific oil and gas producing County in the State of Texas, sometime later this month. The drilling pad has been constructed and is complete. Patterson UTI Drilling Rig #234 has been contracted and is in the process of setting up on location.
Gary C. Evans, Chairman and Chief Executive Officer of Energy Hunter Resources, said, “Management has chosen not to accept typical private equity funding at this time in an effort to maintain complete control and oversight of its operations. However, we continue to negotiate on a large number of strategic property acquisitions, predominantly located in the Permian Basin, which will eventually necessitate a significant capital raise either in the private or public markets.”
About Energy Hunter Resources, Inc.
Energy Hunter Resources, Inc. is an independent oil company headquartered in Dallas, Texas with a mission to own and operate properties within some of the most prolific resource plays in the United States. Focusing on the Eagle Ford Shale and Permian Basin regions, our aim is to create substantial shareholder value through a balanced program of acquisitions and low-risk development and exploitation opportunities utilizing horizontal drilling and fracture stimulation technology.