Deals
Since the beginning of 2000, COSCO has assisted energy companies to raise $1.3 billion of Private Capital and has advised on another $500MM of acquisitions and divestitures. Outlined below are the specific Transactions and Financings that constitute these totals.
$1.8 Billion — Energy Private Placements and Transactions
(January 2000–January 2008 )
| A. Private Placements: | |||
| Client | Financing Size | Financing Source/ Security | Purpose |
Lake Ronel Oil Company |
$40,500,000 |
Single Undisclosed Tier 1 Investor |
Exploration and production |
| Subtotal 2008 (1) |
$40,500,000 US | 1 Lead Investor | |
Action Energy, Inc. |
$17,500,000 (C) |
LeFrak Organization; Ramius Capital Group, LLC; Blackrock Ventures Inc.; Millennium. |
To accelerate drilling of lands in Alberta and Saskatchewan |
Ausam Energy Corporation |
$25,000,000 |
Huff Energy Fund, L.P. |
To fund drilling along the US Gulf Coast onshore in Texas, Louisiana, Mississippi, Alabama, and Arkansas |
| Red Arrow (Houston TX) July 2007 |
$85,600,000 | EnCap Investments LP Line of Equity |
Principally to fund acquisitions and development drilling in Texas and Louisiana |
| Jones Energy Ltd. (Lafayette LA) May 2007 |
$100,000,000 | Guggenheim Senior Secured Notes |
Exploration and development onshore South Texas |
| Subtotal 2007 (4) |
$210,600,000 US $ 17,500,000 (C) |
7 Lead Investors | |
| Sanchez Oil & Gas Corporation (Lafayette LA) December 2006 |
$50,000,000 | TCW Secured Notes |
Exploration and development onshore South Texas |
| Orbit Energy, Inc. (Lafayette LA) June 2006 |
$25,000,000 | Common Equity | To fund exploration and development drilling in southwest Louisiana |
| Undisclosed April 2006 |
$26,375,068 (C) | With Affiliates of |
Exploitation and development in Alberta |
| Action Energy Inc. (Calgary AB) February 2006 |
$35,328,872 (C) | With Affiliates of: Quantum Energy Partners, BlackRock, Inc. & COSCO Capital Management LLC Common Shares |
For exploitation and development of Action’s Saskatchewan resource play |
| Stone Castle Exploration Ltd. (Calgary AB) February 2006 |
$4,000,000 (C) | With an Affiliate of Toscana Capital Corporation |
For exploration and development in southeastern Saskatchewan |
| Subtotal 2006 (5) |
$75,000,000 US $65,703,940 (C) |
5 Lead Investors | Various |
| Onefour Energy Ltd. (Calgary AB) |
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| ..November 2005 | $38,500,000 (C) | The Huff Alternative Fund, L.P. & COSCO Investments LP Line of Equity |
Exploration & development in Alberta |
..September 2005 |
$5,600,000 (C) | The Huff Alternative Fund L.P. & Various Investors |
Exploration & development in Alberta |
| ..August 2005 | $4,477,000 (C) | Various Investors |
Exploration in Alberta |
| ..June 2005 | $3,500,000 (C) | Various Investors |
To acquire production and undeveloped leasehold in Alberta |
| Coronado Resources, LLC (Tulsa OK) October 2005 |
$80,800,000 | Affiliates of : Greenhill Capital Partners, LLC, Lime Rock Partners, & COSCO Investments LP Equity Units |
Acquisition and exploitation of unconventional reserves in Mid-Continent and Appalachian areas of the US |
| Ausam Energy Corporation (Calgary AB) July 2005 |
$8,000,000 (C) | Lead Investor: Wellington Management Co. LLC Units of Common Stock and Warrants |
Oil and gas development and exploration in Queensland, Australia |
| Tenrgys, LLC (Jackson MS) June 2005 |
$72,199,908 | AIG Financial Products Corp. Volumetric Production Payment |
To accelerate PUD drilling in Mississippi and Louisiana and for general corporate purposes |
| Energy 51 Inc. (Calgary AB) May 2005 |
$17,800,000 (C) | Affiliates of : Greenhill Capital Partners, LLC & COSCO Capital Management LLC Common Stock |
To fund Drilling and Acquisitions in Alberta and Saskatchewan |
Genesis Gas and Oil, Inc. |
$70,700,000 | Affiliates of : |
For Development of CBM and other UCR Reserves in the Rockies |
Potoco, LLC |
$20,200,000 | Alder Wood Partners, L.P., COSCO Capital Management LLC & |
Testing and Development of CBM in Arkoma |
Action Energy Inc. |
$4,000,000 (C) | Toscana Capital Corporation |
Development and Enhancement in Alberta and Saskatchewan |
| Bunker Energy Inc. (Calgary AB) January 2005 |
$24,000,000 (C) | Affiliates of Natural Gas Partners & COSCO Capital Management LLC Common Shares |
Acquisitions and Drilling in Alberta |
| Subtotal 2005 (12) | $243,899,908 US $105,877,000 (C) |
11 Lead Investors |
Various |
| December 2004 | $1,025,000 (C) | Canadian Flow-through Share Fund | Exploration Drilling |
| SDG Resources (Montrose CO) October 2004 |
$35,000,000 | Goldman Sachs E&P
Capital Secured Notes |
Development of Proved Reserves in Permian Basin |
| Ausam Energy Corporation (Calgary AB) August-November 2004 |
$12,900,000 (C) | Lead Investor: Wellington
Management Co. LLC Common Stock and Warrants |
Underbalanced Drilling in Australia |
| JOG Capital (Calgary AB) September 2004 |
$37,612,660 (C) | 2 Professional Investors Partnership Units in JOG Limited Partnership No. 2 |
Private Equity Fund for Canadian Energy |
| Mid-Con Energy Corporation (Tulsa OK) July 2004 |
$33,900,000 | Lead Investor: Yorktown
Partners LLC Common and Preferred Stock |
Waterflood Development in Mid-Continent |
| Avalon Exploration,Inc. (Tulsa OK) June 2004 |
$10,000,000 | Energy Trust Partners,
L.P. Common Stock |
Development and Exploration in OK |
| Stratagem Energy Corp (Calgary AB) May 2004 |
$15,000,000 (C) $742,000 (C) $274,083 (C) |
Quantum Energy Follow-On Placement Secondary Placement Common Stock |
Drilling in Central Alberta
Initial Round Shareholder Liquidity |
| Karl Oil & Gas (Calgary AB) February 2004 |
$1,300,000 (C) | Quest Capital Corp Senior Secured Bridge Financing |
Short-Term Development Financing |
| Subtotal 2004 (9) | $78,900,000
US $68,853,743 (C) |
8 Lead Investors |
Various |
| Momentum Energy Corporation
(Midland TX) October 2003 |
$20,000,000 | Natural Gas Partners Equity Units |
Acquisition/Development in the Permian Basin |
| Vision Gas, Ltd. (Houston TX) October 2003 |
$10,000,000 Drawdown To Date |
Undisclosed Limited Partnership Units |
To finance Natural Gas Exploration on GC |
| Southern Pacific Petroleum
N.L. (Brisbane AU) April 2003 |
$30,000,000 | Sandefer Capital Partners Secured Convertible Bonds |
Development of Australian Shale-to-Oil Plant |
| Cannon Energy, Inc. (Tulsa OK) March 2003 |
$18,800,000 | Kayne Anderson Preferred Stock |
Development of CBM Resources in Rocky Mountains |
| SKH Energy Fund, LP (Houston TX) January 2003 |
$40,000,000 | Various Accredited Investors LP Units |
Acquisition of Leasehold & Minerals |
| Subtotal 2003 (5) | $118,800,000 US | 4 Lead Investors | Various |
| Purcell Energy (Calgary AB) Nov, Dec 2002 |
$11,200,000(C) | Crown Capital Partners
Inc. And Others Sub Notes and Warrants |
For Exploration and Development in NW Territories and NE BC |
| Aurora Gas, LLC (Anchorage AK) May 2002 |
$30,000,000 | Kaiser Francis Oil Company Common Stock |
For Development and Acquisitions in Cook Inlet AK |
| Subtotal 2002 (2) |
$30,000,000 US $11,200,000 (C) |
2 Lead Investors | Various |
| Carneros Energy, Inc. (Houston TX) May 2001 |
$75,000,000 | Warburg Pincus Common & Pref Stock |
For
Exploration and Acquisitions in California |
| Subtotal 2001 (1) | $75,000,000 US | 1 Lead Investors | Exploration and Acquisition |
| Crutcher-Tufts Resources,
L.P. (New Orleans LA) July 2000 |
$76,900,000 | Aquila Energy Secured Notes |
For Private Partnership’s Infill Drilling Program in California |
| Action Energy Corporation (Calgary AB) June 2000 |
$7,200,000 (C) | Natural Gas Partners Common Stock |
For Private Canadian
Exploitation/Development Company |
| Mannix Oil Company, Inc. (Tulsa OK) January 2000 |
$40,000,000 | Shell Capital Inc. Secured Notes |
For Coalbed Methane Development in Arkoma Basin |
| Subtotal 2000 (3) |
$116,900,000 US |
3 Lead Investors | Various |
| Subtotal Pr. Plac’ts (42) | $989,599,908 US |
42 Lead Investors |
Various |
| B. Transactions | |||
| Industry Clients | Transaction Size | Source | Purpose |
| Sleeping Giant LLC (Traverse City MI) October 2005 |
$91,600,000 | Enerplus Resources Fund | Advised shareholders of private exploration and production company regarding M&A alternatives and arranged the sale of the company |
| Antrim Energy (Calgary AB) September 2003 |
$1,000,000 (C) | Apco (Tulsa) | Farm-out of Undeveloped Leasehold in Argentina |
| Purcell Energy (Calgary AB) May 2003 |
$62,000,000 (C) |
Plan of Arrangement | Acquisition of BelAir Energy Corporation (Calgary AB) |
| Mannix Oil Company, Inc. (Houston TX) April 2001 |
$36,000,000 | Williams Production (Tulsa) | Permit Williams Entry into Arkoma CBM |
| Buy-Side Clients | Transaction Size | Source | Purpose |
KGL Petroleum Company |
$30,000,000 | Circle Oil Company | COSCO acted as Exclusive Advisor to KGL with respect to its investment in Units of Convertible Notes and Warrants issued by Circle Oil Company |
| Farallon December 2003 |
$9,000,000 (C) | Toronto Institution | Secondary Purchase of OPTI Canada Private Stock prior to IPO |
| Morgan Stanley Private
Capital (New York NY) December 2002 |
$250,000,000+/- (Exact Amount Not Disclosed) |
Aquila Mezz Energy Portfolio | Purchase of Portfolio of Mezzanine Loans to Energy Companies |
| Emerging Markets Partnership (Washington DC) August 2000 |
$30,700,000 | Pan-Ocean Energy | Acquisition of Majority Position of Company active in West Africa |
| Subtotal Transactions | $438,300,000 US $ .72,000,000 (C) |
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| Total A & B: | $1,427,899,908 US |
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