Thursday, August 16, 2007

Oil, gas firm scores $1 billion

Aug 16, 2007

A private Denver oil and gas company landed $1 billion in equity financing from Wall Street on Wednesday, reinforcing the status of the Rocky Mountains as a top gas-producing region of the nation.

Antero Resources Corp. received the massive equity infusion from private firms Warburg Pincus, Yorktown Energy Partners VII LP and Lehman Brothers Merchant Banking Group.

Led by local oil and gas veterans Paul Rady and Glen Warren, Antero will use the money to drill 50 wells a year in each of the two areas where it has operations - the Piceance Basin in Colorado and the Arkoma Basin in Oklahoma.

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