Vesta Energy Corp., a Calgary, Alberta, Canada-based exploration and production company, raised C$295m in equity financing.
The round was co-led by energy private equity firms Riverstone Holdings and JOG Capital with participation from certain funds managed by JOG and the Vesta management team. In conjunction with the investments by Riverstone and JOG, the company has announced a private placement offering of up to C$10m to existing shareholders.
Led by Founder and Curtis Cook (CEO), Paul Smith (CFO), Grant Rabe (COO), Jenny Ngo (CAO) and Dermot O’Connor (VP Exploration), Vesta focuses on the development of light oil properties in the shallow Joffre Duvernay Shale oil play.
The company currently has 23 wells on stream and is producing approximately 3,500 boe/d, of which 80% is light oil.