North American Petroleum has funded the acquisition of leases and participation in the drilling wells alongside other operators by joining the ISDX Growth Market.
The business has raised £2 million in the process and now has a strategy to deploy capital into drilling wells to generate revenues through production.
As part of the market move, the natural resources firm has signed up to a ‘non-exclusive relationship’ with AIM-listed Magnolia Petroleum.
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Stefan Olivier, managing director of North American Petroleum, comments, ‘[The business] has a low cost, low risk business model focused on generating high returns through acquisitions and development of leases in historic US onshore oil and gas formations.
‘In recent years, the widespread application has reopened these proven plays, leading to a dramatic turnaround in US oil and gas production which could result in the US overtaking Saudi Arabia as the world’s number one producer later this decade.’
Olivier also says that the investment-geared business has lined up ‘a number’ of opportunities and will now look to begin the process of building its net production and reserves.