Daily News: June 7, 2013

Wells Fargo, Scotiabank Finance Wapiti Acquisition

Wapiti Energy Holdings, an affiliate of Wapiti Energy, LLC, closed a $375 million acquisition of producing properties owned by Layline Petroleum, and its affiliates. The majority of the properties are operated oil fields located in Texas and have long lived proved reserves of 23.2 million BOE.

Funding for the acquisition was provided by Wells Fargo Bank and Scotiabank, which co-led a senior revolving line of credit, and by the Carlyle Energy Mezzanine Opportunities Fund, which provided subordinated financing.

Bart Agee, Wapiti’s president and CEO, said, “Once again, Wapiti has demonstrated the ability to source and close high quality opportunities not being marketed. We see this as a great asset base and believe that our team will continue to successfully develop the assets and create substantial value for our investors.”

Wapiti Energy is a privately-held oil and gas company focused on strategic exploration, acquisition and exploitation of oil and gas properties.