Menu
/REGISTER
PPB
Fielding
Montecito
Powershare
Loading...
You are here:  Home  >  Top Stories  >  Current Article

New oil company drilling in old wells

By   /   Monday, July 19th, 2010  /   Comments Off on New oil company drilling in old wells

    Print       Email

A newly public Carpinteria oil firm backed by industry veterans has garnered $20 million to go after black gold in California and Wyoming.

NiMin Energy Corp. raised $11.5 million in a public offering in May and now trades under the symbol NNN on the Toronto Stock Exchange, where many natural resource companies make their home. The company also refinanced its short-term debt with up to $75 million in long-term debt.

The net result is $20 million in capital to go after oil in underdeveloped fields in the San Joaquin Valley and Wyoming’s Bighorn Basin with a new extraction technology that pumps pure oxygen into wells as deep as 6,000 feet to coax out petroleum, NiMin CEO Clancy Cottman said.

The full version of this article is only available in the print edition. To view everything the Business Times offers, see this week’s print version or SUBSCRIBE to the print edition for $49.99 today.

    Print       Email

You might also like...

Plains oil spill guilty verdict will help civil lawsuits

Read More →