DOME ENERGY AB. COMPLETES $7.7 MILLION PRIVATE PLACEMENT
Dome Energy AB. (Ticker: DOME) herein after “Dome” and/or “the Company”) is pleased to announce it has successfully completed a private placement priced at SEK 12.5 per share in the amount of 4,224,200 million new fully paid ordinary shares in order to raise $7.7 million (SEK 52.8 million).
The funds will be used for Dome’s field development program and as working capital. With the acquisitions, Dome will become a significant onshore American Oil and Gas producer with total production of 1,200 barrels of oil equivalent per day (boepd).
Target production is to reach 2,000 boepd within 12 months and total production of 5,000 boepd following completion of the full program. An independent reserve report conducted by Ralph E. Davis has given Dome total proven reserves of >8 million barrels of oil equivalent.
“Given the attention the Company received in this private placement, we are pleased both existing and new shareholders understand and value Dome’s fundamentals”, said Paul Morch, CEO of Dome.
Recently, the Company entered into a purchase agreement effective July 1, 2014 to acquire VistaTex Energy LLC and the Company has entered into a binding Letter of Intent to acquire properties from Range Ventures LLC with an effective date of October 1, 2014. The total value of the transactions is $62 million and is fully funded.
Following the private placement the number of outstanding shares will be 34,031,945 fully diluted.
Birger Jarl Fondkommission AB acted as the book runner.
For further information please contact:
Susanna Helgesen, CFO
Phone: +46 708 27 86 36
US phone: +1 281 558 8585
E-mail: sh@domeenergy.com
About Dome Energy
Dome Energy AB. is an independent Oil & Gas Company publicly traded on the Nasdaq OMX First North exchange in Sweden (Ticker: DOME). Remium Nordic AB is the Company’s Certified Adviser. Headquartered in Houston, Texas, the Company’s focus is on the development and production of existing onshore Oil & Gas reserves in the United States. For more information visit www.domeenergy.com.
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