Lucas Energy, Inc. Common Stock (AMEX: LEI)- Added 20% to shares already held
Samson Oil & Gas Limited Sponso (AMEX: SSN) - Added 10% to shares already held
GreenHunter Energy Inc Common s (AMEX: GRH) - Started initial position
With Oil near a 6 month low @ $92.62/barrel, added to my E&P basket with more LEI and SSN. Will continue to buy more oil stocks as oil moves lower. The wild card is if China slows down more than already reported, oil could trade well into the $80's for an extended period of time. The current oil price drop represent a 2/3 re-tracement from this year's high.
MHR closed their $450M senior bond financing. As a result, I decided to buy into GreenHunter Energy Inc (GRH) that provides water treatment services to MHR. As it is also controlled by CEO Evans, I suspect, GRH will get most if not all of MHR's business. In the disclosure below, MHR has a full check book to complete their wells w/ their CAPX budget now financed to $325M.
Magnum Hunter Announces Closing of Private Offering of Senior Unsecured Notes
finance.yahoo.com
The net proceeds of the offering, after deducting initial purchaser discounts and commissions and estimated offering expenses, were approximately $432.2 million. Magnum Hunter intends to use the net proceeds of this offering, together with other sources of liquidity, (i) to finance a portion of the pending $311 million previously announced acquisition of oil properties in the Williston Basin from Baytex Energy USA Ltd., scheduled to close on Tuesday, May 22, 2012, (ii) to pay off all amounts outstanding under the Company's existing Term Loan, (iii) to repay outstanding debt under the Company's Revolving Credit Facility, (iv) to increase the Company's 2012 upstream capital budget from $150 million to $325 million (92% of capital budget focused on Williston Basin and Eagle Ford) and (v) for general corporate purposes. EKS |
