EnerJex, Black Raven merger involves Colorado's third-largest oil field

09/09/2013
The acquisition of private Black Raven Energy Inc., Denver, by EnerJex Resources Inc. would create a combined entity that owns most of Colorado's third-largest oil field and substantial other interests in the Denver-Julesburg basin. Aggregate consideration in the transaction is expected to be $45 million and the anticipated assumption by EnerJex of $15 million of additional long-term debt in order to discharge or acquire Black Raven's existing debt. Black Raven is majority owned by West Coast Opportunity Fund LLC, which owns about 16% of EnerJex. WCOF will own about 46% of the post-merger company on a diluted basis. Closing is expected by the end of this year's third quarter. Black Raven ...
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