Energy Hunter Resources Inc. closed a new funding for $3 million from certain inside investors, the Dallas-based company said April 6.
Since Energy Hunter formed in 2016, the company said it has raised about $7 million in private capital from a combination of insiders and certain private individual investors consisting of friends and family.
"Management has chosen not to accept typical private equity funding at this time in an effort to maintain complete control and oversight of its operations," Gary C. Evans, chairman and CEO of Energy Hunter, said in a statement. "However, we continue to negotiate on a large number of strategic property acquisitions, predominantly located in the Permian Basin, which will eventually necessitate a significant capital raise either in the private or public markets."
Energy Hunter will use the new capital commitment to spud its first Eagle Ford Shale horizontal well, the Gap Band #2, located in Karnes County, Texas, later this month, the company release said.
The drilling pad has been constructed and is complete. Patterson UTI Drilling Rig #234 has been contracted and is in the process of setting up on location.
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