Proteus said the funds would be used to drill new wells at its Northwest Lost Hills oil and gas field and develop its heavy oil field in Monterey County, both in California.
CEO Bennett Yankowitz said, “By giving Proteus Energy access to capital to develop our reserves at Northwest Lost Hills and Lynch Canyon, the PPCO financing will enable us to begin to realize the value of our undeveloped reserves, which should accelerate our revenue and earnings growth beginning in the second quarter of 2012.
“Moreover, with PPCO’s acquisition of a preferred stock position, we gain a strong and sophisticated financial partner to support the continued growth of our company.
“In addition to the development of our existing properties, we are also looking to expand our operations and on-shore oil and gas property holdings in California and other areas of the US.”
PPCO focuses on achieving returns in all market conditions by offering loans to sectors which are underserved by traditional sources of financing.
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