Dallas, Texas , Oct. 20, 2016 (GLOBE NEWSWIRE) -- Pilgrim Petroleum PLC a private company and subsidiaries, an independent oil and gas company, has completed its acquisition of an 79% controlling interest in the announced acquisition of Bakken, Eagle Ford and Woodford Shale assets for approximately $330 million net of customary closing adjustments. The assets include approximately 210,000 acres with most of the position held by production. American Capital Investment LLC has agreed to sell 100% of its equity interest in its oil and gas subsidiary Alpha Petroleum Resources LP (Texas Corporation) to Crescent Hill Capital Corp a Dallas Texas private equity firm providing a credit facility at closing of $615 million US Dollars, including an amendment to its credit agreement to, among other things (i) extend the working capital, (ii) reflect the repayment in full of all term loans thereunder including existing debt, (iii) increase the borrowing base up to 20%. In connection with the closing of the transaction, Crescent Hill Capital's investment in Pilgrim Petroleum PLC represents a new tack by private equity firms backing modern and experience wildcatters to gradually build portfolios of mineral rights.
Rafael A Pinedo, Chairman of Pilgrim, said the company would never have seen as many opportunities to put together so much acreage as demand has started to soared exponentially as new drilling techniques to extract crude at a profit are available despite low oil prices; Stephen Richardson, Pilgrim Petroleum President and CEO said, "The success would depend on whether the oil price recovery holds as will continue to acquire properties to increase our company valuation." also, Richardson Announces the reorganization of subsidiaries and consolidation will be announce by December 5, 2016, this will include plans for fiscal year 2017.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with exploration for minerals; changes in the operating costs and changes in economic conditions and conditions in mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
PR Contact: Leila Adams, 972-655-9870
Source:Pilgrim Petroleum Corp.