New York, NY, February 25, 2018 --(PR.com
)-- Revitalize Energy, an independent, technology-driven energy company based in Calgary, Canada announced today that it has engaged Castle Placement as its exclusive placement agent to raise $100+ million of equity to acquire and improve underperforming and shut-in oil and gas wells.
Revitalize is an expert in providing enhanced oil recovery (EOR) services using patented environmentally safe 100% plant-based biochemicals, provided though an exclusive supplier arrangement with an affiliate company, Green Life Chemicals. The Company has a 100% success rate to-date, having treated over 40 third-party owned wells with an approximate 100% average improvement in production.
Proceeds from the $100+ million raise are expected to be sufficient to acquire 4-5,000 producing barrels of oil equivalent per day (approximately $80 million in annual revenues pre-revitalization based on current prices) with 10-15 years of remaining reserves. The potential market is substantial, as there are almost 150,000 under performing and shut-in wells in Alberta, Canada alone.
Furthermore, Revitalize Energy has conducted preliminary due diligence on over $1 billion of potential acquisitions - activities are expected to be ongoing for several years. Led by Mike Crosby, the senior management team has extensive experience in operating wells and improving well performance.
Founded in 2009, Castle Placement raises equity and debt capital for private middle market companies across a broad spectrum of industries. Highly experienced investment bankers and a robust, data-driven, innovative technology platform - including artificial intelligence/machine learning - match great companies with global institutional investors. Castle Placement’s proprietary app, CPGO, connects companies with investors in real time. It has over 64,500 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.