NEW ORLEANS, May 27, 2011 /PRNewswire/ -- BCM Energy Partners, Inc. (OTC: BCME) has reached an agreement with a private capital source to refinance debts associated with University Field. Additionally, BCM has reached a definitive agreement to acquire assets from a private seller in Liberty Field (Liberty, TX). Terms and agreements are to be disclosed as part of management's ongoing efforts to bring BCM current with all SEC filings.
Worthmore Capital, LLC, a private investment firm in New Orleans, LA, has agreed to provide $1.2 million in debt capital to BCM Energy Louisiana, LLC, a subsidiary of BCME, to be used for the refinancing of bank and field debts related to University Field.
Drum Oil and Gas, Inc. (Liberty, TX) has agreed to sell fifty (50) wells, comprising 5 leases, most with current production, to BCM in an all cash purchase.
Dr. R. Gerald Bailey, CEO, stated "The Worthmore investment validates our appeal to private, sophisticated investors who share our interest in accumulating proven reserves from the multitude of smaller, distressed operators throughout the Gulf Coast." Given higher oil prices, we feel that this is just the beginning of our value proposition to shareholders.
MORE INFO CAN BE FOUND IN THE 8-K FILING FROM APRIL 27, 2011 SEC.GOV
About BCM Energy Partners, Inc.
BCM Energy Partners was established to acquire distressed oil and gas assets with the intent to build a portfolio of proven reserves associated with producing wells. Since late 2007, BCM Energy Partners has been actively developing a network of field owners and managers throughout the Gulf Coast with a focus on identifying distressed, "off-the-radar" opportunities. BCM has an effective management team that is well-connected within the Gulf Coast oil and gas industry with over 100 years of collective experience acquiring and exploiting oil and gas assets. Management is supported by an impressive roster of equity-incentivized advisors from the corporate finance and energy industries. More information is available at www.BCMEnergy.com. Investment Relations can be reached at 212-208-0995.
Forward-looking statements speak only as to the date they are made, and except for any obligation under the U.S. federal securities laws, BCM Energy Partners undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
SOURCE BCM Energy Partners, Inc.