Brookside Energy raises $1.38 million for acquisition and development activities at Anadarko Basin

Brookside Energy Ltd (ASX:BRK) has successfully placed 26,375,000 oversubscription shares at 0.5 cents per new share to raise $131,885.

The placement of the oversubscription shares follows the companys rights issue and shortfall placement.

Proceeds from the rights issue and placements of $1,387,493 will be used to progress Brooksides acquisition and development activities in the Anadarko Basin, Oklahoma (including planned acquisitions under the Orion Project Joint Venture).

Orion JV

Brookside and partner Stonehorse Energy Ltd have successfully completed workover operations at the recently acquired Mitchell 12-1 well in the SWISH AOI in the southern part of the SCOOP Play in Oklahoma.

The work was carried out by the Orion joint venture company with the well being within the Jewell Drilling Spacing Unit (DSU), part of the prolific Anadarko Basin.

Workover activities resulted in gas and condensate being recovered to surface with the estimated 260 feet of perforations in the Sycamore formation (one of two main producing formations in the SWISH AOI) successfully isolated and treated, readRead More – Source