CALGARY, ALBERTA (June 16, 2016) Longshore Resources Ltd. (“Longshore” or the “Company”) is pleased to announce the closing of an acquisition of certain producing assets in the Peace River Arch area of Alberta and the closing of a $150 million equity financing by ARC Financial Corp. (“ARC”).
Longshore is a private company focused on capturing high quality assets with underexploited oil resource opportunities that can be developed using horizontal drilling and multi-stage fracturing. The Company’s management consists of Byron Nodwell (President & CEO), Bill Davies (Chief Financial Officer), Dave Erickson (Vice President Operations), Tyson Huska (Vice President Engineering) and Chris Lamb (Vice President Land). The board of directors of Longshore are Chris Seasons (Chairman), Senior Advisor and Director of ARC Financial Corp. and former President of Devon Canada Corp., Robert Cook, Sr. Vice President & Director of ARC Financial Corp., Reg Greenslade, former President & CEO of Enterra Energy Trust and current director of Spartan Energy Corp., and Mr. Nodwell.
“ARC has been extremely supportive of our strategy to acquire high quality assets, despite the difficult nature of the current M&A market,” Mr. Nodwell said. “The properties Longshore purchased today are just the kind of low-decline, high-upside assets that we believe are necessary to successfully launch a junior oil company. The financial commitment from ARC will allow us to fully deliver on the potential of our acreage.”
For more information, please contact Byron Nodwell at (403) 984-1091 or Bill Davies at (403) 984-1092.