John Henry Oil Announces Closing Date of Trenton – Black River I, LP Capital Campaign
Trenton-Black River I LP, an exploration and drilling partnership sponsored by John Henry Oil Corporation, will close its offering to new investors on or before November 30, 2016. Sandlapper Securities, LLC is the placement agent for the offering.
As previously reported by The DI Wire, John Henry Oil engaged Sandlapper to raise $6.5 million for the program which seeks to drill, test, complete (if completion is deemed appropriate) and operate 40 wells throughout North Central Tennessee. The company noted that it has already drilled test holes and selected multiple sites for production.
John Henry Oil is a Kentucky corporation with roots in the oil fields of Appalachia, specializing in hydrocarbon exploration and development. The company and its predecessors have more than 90 years of regional experience in Kentucky and Tennessee.
Connie Love, CEO of John Henry Oil, noted that the company’s break even costs are less than $20 a barrel, and oil is now above $50 per barrel.
“John Henry Oil Corporation engaged us to raise funds for the Trenton – Black River I, LP. We were impressed with their incredibly cost efficient operating style that allows them to control overall production costs and look forward to finishing this offering out for them strong, providing clients with the tax advantages from these types of drilling programs and taking advantage of the current rise in oil prices,” said Sandlapper Securities founder and CEO Trevor L. Gordon.
Gordon said that investors should reasonably expect up to 85 percent write off of their investment in the first year through deductions made from intangible drilling and completion cost deductions.
Sandlapper Securities is an independent securities brokerage firm with registered representatives located throughout the United States.
