Results 1 to 3 of 3
Hybrid View
-
02-13-2023, 07:31 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. No brokers with up-front fees.
Contact Patrick Sullivan
www.magenrg.com
psullivan01@gmail.com
-
02-14-2023, 04:11 AM #2
- Join Date
- Oct 2022
- Posts
- 291
How do you expect to receive an UNSECURED Line of Credit in such a large nominal amount without proper financials or collateralizing aka making it a SECURED Line of Credit?! I could help with some other ideas based off the financial data. We offer a Secured Line of Credit based off Inventory, Equipment, & AR. If any, of those assets are large in nominal amount then I can help you reach your goal. Send me a PM and we can discuss the file further in depth.
-
02-14-2023, 01:15 PM #3
- Join Date
- Feb 2023
- Posts
- 3
There are funds that specialize in this type of funding. They know who they are. Like I said, non-traditional funding. Equity is often in the mix. The opportunity cost is enormous.
Last edited by MAGE NRG; 02-14-2023 at 01:28 PM.
Similar Threads
-
Needed: An initial $4M unsecured line of credit for low-risk oil development
By MAGE NRG in forum Business LoansReplies: 2Last Post: 02-27-2023, 01:50 PM -
Unsecured line of credit
By Keysade in forum Deal BinReplies: 5Last Post: 09-16-2022, 04:49 PM -
Unsecured Business Line Of Credit
By MCABroker123 in forum PromotionsReplies: 3Last Post: 05-20-2019, 11:02 AM -
$3M-$5M Line of Credit Needed for Auto Finance Company
By NickHubbard in forum Deal BinReplies: 6Last Post: 03-14-2016, 07:16 AM -
line of credit for restaurant needed!
By master financier in forum Business LoansReplies: 15Last Post: 05-01-2015, 02:27 PM