Exterra Completes $1.1 M Private Financing
Exterra Energy Inc. has successfully completed a private financing of $1.1 million at $0.75 per shares. These shares will be restricted under Rule 144. These funds are being used to expand and advance Exterra's projects in the Barnett Shale, reactivate oil wells on the companyâ€™s University Land leases in Pecos County, Texas, and general corporate purposes.
"This initial private placement is the first step in a comprehensive financing strategy that will enable the company to put wells that are already drilled into production and to finalize the drilling program during this phase. This comprehensive strategy will include the reworking of existing wells, the frac stimulation of newly drilled wellbores, the development of undrilled acreage and the acquisition of additional working interest through our partners that will ultimately increase revenues and expand reserves," stated CEO, Ray Ledesma.