Petroleum Africa
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Sunday, January 24, 2016
Hydrocarb Energy Corp. engaged a well-known award-winning investment bank to aid it in refinancing its current senior and short-term debts and identify sources of capital to develop its proven reserves. By connecting to the appropriate capital, Hydrocarb plans to position itself to take advantage of the current low cost environment and opportunities available due to the low oil and gas prices.
When asked to comment, the company’s new CFO, K. Andrew Lai, stated, “This investment bank is experienced and resourceful. The principals there understand the current challenges and opportunities in our industry. We are hopeful that the company’s financial condition will improve in the short run, and the Company will be in a position to take advantage of the available opportunities in the industry.”
Chairman Kent P. Watts stated, “After a few months of interviewing different investment banks in the current oil industry environment, it became evident that this investment bank was the best choice for us. They see our vision to enhance our current assets and simultaneously leverage our P5 Operator status in Texas, leading to increased production revenues, resulting economies of scale benefits and ultimately positive and growing EBITDA, even at today’s lower pricing.”
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