CLG Energy Finance, LLC, an affiliate of Beal Bank focused on financing opportunities in the energy industry, announces the closing of a $120 million financing with Duer Wagner Oil & Gas III, LP, a Dallas-based E&P company focused exclusively on non-operated oil and gas properties.
Jonathan Shepko, a Managing Director with CLG Energy Finance, said, "This facility provides management with incremental development capital and the opportunity to reinvest cashflow in order to participate alongside best-in-class operators in some of the most economic basins in the U.S."
Proceeds from the initial advance will be used by Duer Wagner primarily to repay its existing debt and to fund its development capital expenditure program. Upon Duer Wagner's request, and subject to lender approval, the facility may be increased up to $175 million.
Owen Hill, also a Managing Director with CLG Energy Finance, added, "Duer Wagner has the solid assets and strong management we look to finance. Their experienced management team oversees a highly diversified property set with a number of attractive growth opportunities, including in the Bakken, Granite Wash and Permian."
With the Duer Wagner transaction, CLG Energy Finance has facilitated approximately $1 billion of financings for its affiliate bank, Beal Bank, evidencing Beal's continued commitment to lending in the oil and gas space.
CLG Energy Finance, LLC is a division of CLG Hedge Fund, LLC, an affiliate of Beal Bank , a multi-billion dollar private financial institution. CLG Energy seeks to facilitate direct investments in energy and energy-related companies, with particular emphasis on debt investments in the upstream oil and gas sector. CLG Energy considers both traditional senior-secured structures as well as customized, structured secured investments at the project or corporate level and will consider investments ranging from $20M to $500M.
