Rooster Energy has closed on its acquisitions of Cochon Properties, LLC, and Morrison Well Services, LLC, and fully satisfied the Company's outstanding US$22.5 million term loan with proceeds from the issuance US$45 million in senior secured notes.
Robert P. Murphy, President & CEO, commented, "we are pleased to have consummated our transformative acquisitions of Cochon Properties and Morrison Well Services in combination with our refinancing of the Company's outstanding senior secured debt. Rooster's unique, vertically integrated strategy aggregates all the skill sets needed to take the development of oil and gas reserves from "Cradle to Grave". With our new financing in place we have strengthened the balance sheet not only for future development of our reserve base but also to deliver the same safety and quality in well intervention and plugging and abandonment services. We look forward to utilizing our integrated strategy in this opportunistic environment to grow Rooster and build value for our shareholders."