Privately held Vesta Energy Corp., Calgary, will accelerate development of light-oil properties in the shallow Joffre Duvernay shale oil play of central Alberta with proceeds of an equity financing round.
Vesta holds more than 200,000 net acres. Production from 23 wells is 3,500 boe/d, 80% of which is light oil.
Vesta entered definitive agreements for equity financing of $295 million (Can.) in a round led by private equity firms Riverstone Holdings LLC and JOG Capital. Other investors include funds led by JOG and Vesta managers.
Vesta also plans a private placement offering of as much as $10 million to existing shareholders.