CALGARY, Jan. 7, 2015 /CNW/ – Rifle Shot Oil Corp. (“Rifle Shot” or the “Company”) is pleased to announce the closing of its initial financing by ARC Financial Corp.
Rifle Shot is a private company focused on acquiring conventional oil reservoirs and applying the latest development technologies to increase production and oil recovery. The Company, headquartered in Calgary, is looking to deploy approximately $100 million of equity. The Rifle Shot team is a highly technical group of professionals with proven track records of sound business management and innovation in the development of oil reservoirs.
The Company was founded by Bruce Hall, President & CEO, a petroleum engineer with over 25 years of industry experience. The team includes Mike Schmidt (VP Geology), Jason Van Dusen (VP Engineering), Chris Friedley (VP Operations) and Ken Buckley (VP Land).
“We are excited to be partnering with ARC Financial, the leading private equity investor in the Canadian energy sector,” Mr. Hall said. “With ARC’s backing and expertise, we are well positioned to execute on our business plan. We view the current downturn in commodity pricing as an opportunity to acquire quality assets at reasonable prices that will be the platform for the Company’s future growth.”
Rifle Shot is evaluating numerous asset sales, farm-in opportunities and joint ventures and will continue to review additional opportunities as they present themselves.
SOURCE Rifle Shot Oil Corp.