eField to Raise Up to $2 Million in Private Offering
eField Exploration, LLC plans to raise up to $2 million through a private offering of preferred stock to finance expansion of commercial surveys in the United States and Canada.
The company will offer up to 1 million membership units of the Founding Principal's Holdings at US $2.00 per unit.
eField is a Geosciences company that is seeking to leverage breakthrough Airborne Direct Detection Oil Technology - a new airborne version of proven, ground based geophysical systems such as seismic, magnetics and MT, to acquire royalty overrides in lucrative oil and gas plays in North America's newly aggressive exploration industry.
In December, 2005, the company closed a private placement offering raising $800,000 from Canadian investors.
In June of 2006, eField completed the delivery of 3,100 line miles of EMT plus High Resolution Magnetics covering two counties in East Texas.
In August, 2006, eField completed flight testing of their second generation Airborne EMT system in an Airmag Inc. Cessna 310.
In November, 2006, eField entered a Joint Venture with Columbus Resources LP. and flew 500 survey miles over their properties in the Texas Palo Duro Basin gas play earning a 2.5% override on all discoveries. eField acquired an additional 700 line miles of data for licensing and new venture purposes. The U.S Geological Survey estimates tight gas sands and shales may contain up to 460 trillion cubic feet of gas in the U.S. alone, almost three times the amount of proven gas reserves.
eField Exploration, LLC., is an oil and gas exploration firm headquartered in Yorba Linda, California.
- eField Launches Next Dimension in Offshore Oil Exploration (Apr 20)
- eField to Raise Up to $2 Million in Private Offering (Mar 13)