WoodRock Aranges Radiant Facility, Acquisition
Radiant Oil & Gas announced it has completed the purchase of oil and gas properties in Louisiana and Mississippi for approximately $19 million in a combination of cash and Radiant shares. Radiant also announced the closing of a $40.6 million senior credit facility. WoodRock & Co. acted as financial advisor to Radiant in arranging the credit facility and in acquiring the properties.
In addition to funding the cash portion of the acquisition, proceeds from the credit facility will enable Radiant to develop multiple re-entry, work-over and drilling opportunities on acquired acreage throughout south Louisiana and Mississippi.
The acquired properties contain over 80 wells in Louisiana and Mississippi. The Louisiana properties include over 39 wells and numerous leases located in Catahoula, Concordia, La Salle and St. Mary’s Parishes. The Mississippi properties include over 41 wells and numerous leases located in Adams, Amite, Franklin, and Wilkinson Counties. The properties include up to 24 productive wells and up to 36 shut in wells that have been evaluated for work-over and behind pipe opportunities which will provide for cost effective near term production increases.
John Jurasin, president and CEO of Radiant, said, “We are pleased to have successfully acquired these diverse oil and gas properties within the same geographical area, and look forward to executing on our well remediation, drilling and development programs. This acquisition strengthens our position in Louisiana and Mississippi and will contribute to future non concentrated reserve and production growth.”
Houston-based Radiant Oil & Gas is an independent oil and gas exploration and production company focused on the onshore and shallow-water U.S. Gulf Coast area.