JayHawk Energy, Inc. President Marshall Diamond-Goldberg on Monday announced the closing the second of four tranches of JayHawk's $1.5 million debenture financing previously announced on Dec. 14, 2009.
Proceeds from the second tranche, totaling $600,000.00, will be used to further plans to drill the first two wells in JayHawk's multiwall development program on its Crosby, North Dakota Madison Formation oil pool. To that end, JayHawk has identified the first two drilling locations and is in the process of permitting these sites for drilling shortly after the New Year.
The Company believes the timing for this program is expected to be beneficial to its future operations as the price of oil continues to climb in response to a strengthening economic outlook and strong draws on existing storage volumes.
Cynergy Advisors, LLC acted as advisor to JayHawk relative to this financing. Cynergy provides investment banking services to public and private energy-focused and energy-related businesses.
JayHawk Energy, Inc. is a managed risk, oil and gas exploration/exploitation, development and production company with activities focused on two major projects in the Cherokee Basin, Kansas and the Williston Basin, North Dakota.
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