New Stream Capital has provided financing of approximately $16 million backed by oil and gas leases covering 2,500 acres in Liberty County, Texas. The leases include 13 producing wells, nine behind-pipe recompletions and five proved undeveloped drilling locations valued at more than $30 million. Current gross production from these properties is approximately 650 barrels of oil and 22 MMCF of natural gas per day.
Donald Porter, Managing Partner of New Steam Capital, said: "This is another transaction that reflects the strength of New Stream's core competency as a secured lender. The deal helps illustrate New Stream Capital's distinctive value proposition compared to traditional and equity-based sources of financing."
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