Radiant Oil & Gas, Inc. (OTC: ROGI) ("Radiant") announced that it has completed the purchase of oil and gas properties located in Louisiana and Mississippi for approximately $19,000,000 in a combination of cash and Radiant shares. Radiant also announced the closing of a $40,600,000 senior credit facility arranged by WoodRock & Co. In addition to funding the cash portion of the acquisition, proceeds from the credit facility will allow 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."
WoodRock & Co. acted as financial advisor to Radiant in both the arranging of the credit facility and in the purchasing of the acquired properties.
About Radiant Oil & Gas, Inc.
Radiant Oil & Gas, Inc. is an independent oil and gas exploration and production company focused on the onshore and shallow-water U.S. Gulf Coast area. Headquartered in Houston, Texas and led by John Jurasin, Radiant has evolved from its exploration roots into a drilling and production company.
About WoodRock & Co.
WoodRock & Co. is an investment banking firm based in Houston, Texas with a broad experience base in both banking and industry. WoodRock & Co. provides middle market advisory services including capital advisory and structuring, mergers and acquisitions and corporate development.