Oil patch growth plays tapped the market for capital on Monday, ahead of earnings reports from senior oil and gas companies.
The day before financial results from EnCana kicked off earnings season for large cap energy companies, Angle Energy raised $41-million and BlackPearl Resources sold $26-million of stock. Both junior energy companies plan to use this money to fund exploration and acquistions.
FirstEnergy Capital led the Angle bought deal, which was upsized by $1-million over the course of the day due to strong demand, and stock was sold a $7.70 a share.
BlackPearl's offering was led by FirstEnergy and GMP Securities. The company sold shares priced at $2.90 each.