Sandlapper Securities Raises $3 Million for Private Placement Drilling Offering
Sandlapper Securities LLC, an independent securities brokerage firm, raised more than $3 million for the Trenton-Black River I LP, a 40-well drilling program sponsored by John Henry Oil Corporation.
As reported by The DI Wire in November, Sandlapper Securities was tapped as the placement agent to raise $6.5 million for John Henry’s investment program.
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.
Since breaking initial impounds, Trenton-Black River has drilled 14 test holes and six wells. Sandlapper said that two of the wells seem to be in “very good” oil zones and are scheduled to be completed in order to start production. John Henry is currently running 25 percent ahead of budget, the company noted.
“Looking to shore up some year-end tax deductions, drilling programs have often been highly sought out investment vehicles,” said Sandlapper Securities founder and CEO, Trevor Gordon. “With recent weakness in oil prices caused many to pull back from the sector in 2016, but those who see the continued strength of the sector stand to make sizable gains in oil as we have seen significant rebounds from market bottoms as of late.”
Connie Love, president and CEO of John Henry Oil Corporation noted, “Having these capital dollars to deploy in 2016, we were able to maximize our investments in equipment that had been repriced during the oil bottoming period and allowed us to exploit certain market conditions to ultimately create greater value for our partners and hopefully maximize profits.”
Founded in 2005, Sandlapper Securities is a full service independent broker-dealer and dealer manager of alternative investment products.
