HOUSTON (AFX) - Leor Exploration & Production LLC, a privately held oil and gas exploration and production company, on Thursday said it closed the sale of $150 million of equity securities to a unit Merrill Lynch & Co. Inc.
At the conclusion of the transaction, Leor's founders maintain a controlling stake in the company with more than 83 percent of the equity, according to a company release.
Leor Energy said it expects to use the bulk of the proceeds from the transaction to accelerate ongoing development of its flagship project in the Amoruso Field in Texas.
The investment follows the recent announcement that Leor subsidiaries closed a $150 million three-year credit facility with JPMorgan Chase.
Leor also has received an equity investment from Goldman Sachs, according to the company's chairman Thomas S. Kaplan.
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