Canadian Oil & Gas Development
Contact: Tina Vital, Managing Director
Cell (917) 432-8474
Our client is raising $30 million (to supplement $30 million of sponsor equity) for a follow-on investment to drill / complete eight natural gas and condensate wells in the Montney Formation in West Central Alberta, Canada.
- Sponsor group is an investment firm (AUM of over $16 billion)
- Sponsor has invested $60 million in the project to date (“Phase I”) to prepare for further development
- Phase I included the acquisition of about 65,000 highly contiguous net acres; construction of gathering and processing infrastructure, and the drilling / completion of three wells which are producing about 600 BOE per day
In compliance with the SEC’s Marketing Rule, this information is being provided by Castle Placement, LLC (“Agent”), acting as distributor for its investment manager client (“the Manager”) with respect to an investment vehicle of the Manager (“the Fund”). Agent is not an investor in the Fund or an advisory client of the Manager. Agent has a material financial incentive to introduce Manager and Fund to prospective investors and is compensated based on the amount of assets committed to the Fund, which may result in a material conflict of interest between Agent and potential investors. Agent has a written agreement with the Manager for compensation of certain services including a referral fee and success fees, as applicable. Agent may be reimbursed for certain out-of-pocket expenses as it incurs in connection with referring investors to the Fund. Compensation paid to the Agent are generally paid over a period of years.