The proceeds from Torch were used to run and cement casing in Carpatsky's first two deep gas condensate wells in the Rudovsko-Krasnozasvodsky field and to pay for drilling costs of three additional wells.
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Under the terms of the Administrative Services Agreement, Torch is obligated to provide Carpatsky with a Chief Financial Officer and a Chief Operating Officer and to provide such financial, technical and administrative personnel as are required. Torch's obligations under the agreement commence upon the completion of an institutional fund raising by Carpatsky of equity of up to US $16,000,000 at a per share price ranging from Can. $0.35 to Can. $0.50.
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Carpatsky believes that this arrangement with Torch provides it with a high quality management team and access to a depth of industry expertise and capital.
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Torch Energy Advisors Incorporated, is headquartered in Houston, Texas. It provides outsourcing services for clients in the energy industry including: (1) administrative accounting and financial services; (2) upstream and mid-stream property operations; (3) exploration and exploitation services; (4) corporate and property acquisitions, due diligence and divestitures; and (5) hydrocarbon marketing and risk-management. In addition, Torch provides capital in the form of debt and equity to independent producers for acquisition and development opportunities through Torch Energy Finance Company. Since 1981, Torch's clients have included insurance companies, corporate and public pension funds, foundations, endowments, foreign investors, and public oil and gas companies. Torch has more than $1.5 billion in assets under management. |
