2013-01-29 07:17:31 - EastBank Capital issued a Letter of Agreement for a Commercial Finance Loan of $20M to acquire and extract heavy oil from a proven reserve in Southern California.
EB Capital, LLC (“EastBank Capital”) announced today that it has issued a Letter of Agreement for a Commercial Finance Loan of Twenty Million Dollars (“Loan”) to a privately held company. The proceeds of the Loan will be used for acquisition and development capital of a proven oil reserve basin in Southern California.
The Borrower is a privately held firm currently involved in heavy oil extraction with operations in California and Texas. The asset has original oil in place of approximately 8 million plus barrels, and strategic new management team with a combined total experience of 40+ years in the heavy oil industry.
"This Loan will assist the Borrower in acquiring and developing a proven basin for heavy oil that will
make this acquisition an exceptional asset. “ said Joshua Estes, Managing Director of EastBank Capital.
About EastBank Capital:
EastBank Capital is a leading international private firm offering Project Finance Loans to clients throughout the world with more than 20 years of combined experience.
The firm’s executives provide a full range of capital solutions to the world’s leading commercial and industrial enterprises, as well as to public and private companies. EastBank Capital’s executives meet the needs of its clients by offering a highly integrated and collaborative range of expertise across key business sectors throughout its global network. EastBank Capital’s integrated practice is underpinned by its team members’ acknowledged expertise and a strong tradition of innovation and client service.