Darren Barbee, Hart Energy
Appalachian E&P Carbon Natural Gas Co. (CRBO) has secured $100 million in financial backing from investors including Legacy Texas Bank and simultaneously pulled the trigger on a $20 million acquisition in Tennessee, the company said April 4.
The company’s Tennessee acquisition was made using affiliate Carbon Tennessee Co. LLC to acquire issued and outstanding equity of two seller’s subsidiaries. Sellers were not disclosed.
Carbon’s strategy takes advantage of a hole left by E&Ps that have sidestepped less expensive conventional areas to drill in the Marcellus and Utica shales.
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Source: Daily Dose of ShaleDirectories.com News