Sagebrush Receives Funding for Producing Properties in North Dakota
Sagebrush Resources has received an equity commitment of $60 million from Kayne Anderson Energy Funds and a group of private investors, and a senior loan commitment of $72 million from Union Bank of California, N.A. for the acquisition of producing assets in North Dakota, development drilling and general corporate purposes. Rivington Capital Advisors, LLC, and its affiliate, Rivington Securities, LLC, and Strata Capital, Inc., all headquartered in Denver, acted as financial advisors to Sagebrush for the transactions and placement agents for the equity financing. Akin Gump Strauss Hauer & Feld LLP represented Kayne Anderson and Bracewell & Giuliani LLP represented Union Bank of California. Kendall, Koenig & Oelsner PC served as legal counsel for Sagebrush.
Sagebrush was formed by Robert Armstrong, Jim Lohrenz and a group of private investors with a focus on strategic acquisitions and development of assets located primarily in the northern Rocky Mountain region of the United States. Robert Armstrong, President and Chief Executive Officer of Sagebrush, has more than 28 years of oil and gas experience. Prior to forming Sagebrush, Robert was with Stone Energy where he oversaw the identification of seven new resource play concepts in the Rocky Mountain region, leasing more than 750,000 gross acres with reserve potential exceeding 500 billion cubic feet of gas equivalent. Robert has a degree in Ocean Engineering from Texas A&M University. Jim Lohrenz, Chief Operating Officer of Sagebrush, has more than 30 years of experience in exploration and development of oil and gas projects in North America and Russia. Jim's extensive experience includes drilling and operations, operations management, business development, and economic analysis. He has a Petroleum Engineering degree from the University of Wyoming.
"We are pleased for the early-stage support of our private investors and the ongoing combined capital and financial strength of Kayne Anderson and Union Bank of California," stated Robert Armstrong. "We are competitively positioned to seek additional producing property acquisitions and we are deeply committed to achieving success for our capital and operating partners."