Equus Subsidiary Morgan E&P Obtains $3M Loan for Drilling
Equus Total Return, Inc. Secures Funding for Drilling Operations
Equus Total Return, Inc. (EQS) has successfully finalized a significant $3 million term loan through its subsidiary, Morgan E&P, LLC. This funding targets the near-term development of drilling and work-over operations in the robust Bakken Shale formation.
Benefits of the Term Loan for Morgan E&P
The financial infusion from this term loan is expected to facilitate the acceleration of strategic drilling projects within Morgan's operational fields. With a focus on both new well completions and enhancing the output of existing assets, this initiative is poised to offer a boost in production volumes and cash flow, likely commencing within the latter half of the upcoming operational year.
Leadership Insights on the New Funding
John Hardy, the Chief Executive Officer of Equus, expressed satisfaction with this financial win, emphasizing how it serves as an initial stride towards advancing Morgan’s operational agenda within one of North America’s most productive oil basins. He acknowledged the contributions of Mike Reger, who has recently joined the Morgan team and played a pivotal role in securing this financial arrangement.
Highlighting the Bakken Shale Opportunities
The Bakken Shale is renowned for its rich reserves of high-quality crude oil and long-lasting productivity. Morgan E&P’s forthcoming planned operations are set to not only enhance its stature within the basin but also align with Equus' overarching strategy in the energy sector.
About Morgan E&P and Equus Total Return
Morgan E&P, LLC is dedicated to the exploration and production of oil and gas resources across North America. As a wholly-owned subsidiary of Equus Total Return, Inc., Morgan aims to maximize potential energy resource developments while contributing to the parent company’s strategy as a business development entity listed on the NYSE.
Contact Information for Stakeholders
For more information regarding Equus Total Return, interested parties can reach out via the following contact: Equus Total Return, Inc.
Phone: 1-888-323-4533
Frequently Asked Questions
What is the primary goal of the loan obtained by Morgan E&P?
The loan aims to fund drilling and work-over operations to enhance production capabilities in the Bakken Shale formation.
Who is the CEO of Equus Total Return?
John Hardy holds the position of Chief Executive Officer of Equus Total Return, Inc.
What is the significance of the Bakken Shale to Morgan E&P?
The Bakken Shale is known for its substantial oil reserves which can significantly boost Morgan E&P's productivity and revenue potential.
How does this funding impact shareholders?
This funding is expected to create immediate value for shareholders by enabling the quick development of wells and increased production.
Where can I find more about Morgan E&P?
For detailed information, interested individuals can visit Morgan E&P’s official site.
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