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02-13-2023, 07:04 PM #1
- Join Date
- Feb 2023
- Posts
- 3
Needed: An initial $4M unsecured line of credit for low-risk oil development
MAGE NRG LLC is a special projects company with a limited life span of about 8 years. We have located and verified 8 new oil reservoirs from the surface prior to drilling, and we have another 50 to verify with testing. We estimate that we will develop 5 million barrels of oil reserves with 15 new oil fields in 4 years, or $350,000,000+ in reserves. This is shallow (<2,500 feet) conventional drilling in the midcontinent and is considered low risk.
We are seeking an initial line of credit of up to $4M to begin development. This would initially be unsecured but will lead to substantial in-ground assets and revenue in a short amount of time. We expect to need an additional $100M+ with about a $30M to $40M LOC over the following 3 to 4 years for development purposes. This LOC would be secured with our initial and ever-increasing in-ground assets and cash flow. We anticipate paying off the LOC by the end of Year 4 or 5.
We are considered a startup with no revenue or current bookable assets, so traditional asset-based financing won’t work.
Contact Patrick Sullivan
www.magenrg.com
psullivan01@gmail.com
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02-16-2023, 06:23 AM #2
- Join Date
- Oct 2022
- Posts
- 291
Please reach out to me I am VERY interested and have some ideas! Elon Henek 1-516-236-4086.
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02-27-2023, 01:50 PM #3
- Join Date
- Feb 2023
- Location
- New York
- Posts
- 7
Hello,
Please contact me.
Thank you,
Lily Taylor,
Funding Specialist
| Office | (646) 582-8933
| Cell | (917) 470-2274
| Fax | (888) 894-3518 or (212) 706-0117
| Email | LMartin@ProsperumFunding.Com
8 West 36th Street, Floor7 | New York, NY 10018
ProsperumFunding.Com
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