By OGJ editors
HOUSTON, Sept. 1 – MegaWest Energy Corp., Calgary, signed agreements to recapitalize the company and restart its Marmaton River and Grassy Creek enhanced oil recovery projects in Missouri.
An investor group led by Iroquois Capital Opportunity Fund LP will buy $2.2 million in MegaWest preferred stock, and Mega Partners 1 LLC (MP1) paid $2 million for a 10% working interest partner in two existing Missouri heavy oil projects. MP1 will hold as much as a 20% working interest in future development on 15,313 acres in Missouri and Kansas.
MegaWest will receive services from Iromad LLC, a production enhancement and project management consultancy. Proceeds from the initial funding will be used to restart the two existing projects.
US Department of the Interior.
File photo from PDVSA..
