- Oil and gas company Xstate Resources (XST) raises $1 million to ramp up production at its Californian and Canadian operations
- The company issued 250 million shares at 4 cents each to new and existing domestic investors
- Funds will be used for Xstate’s share of costs for the Borba infrastructure, workovers in California and Canada and additional working capital
- On the market this morning, Xstate was down 10 per cent and trading at $3.06 per share
Xstate Resources (XST) has raised $1 million to ramp up production at its Californian and Canadian operations.
The oil and gas company issued 250 million shares at 4 cents each to new and existing domestic investors.
Funds will be used for Xstate’s share of costs for the Borba infrastructure, workovers in California and Canada and additional working capital.
Earlier this month, the company changed its leadership team and is focussed on becoming a Canadian oil producer after increasing its interest in Alberta Plains.
The company announced David McArthur will step down from the Managing Director role, with Andrew Childs to take over as the Executive Chairman.
Meanwhile, Xstate increased its working interest in Blue Sky Resources’ oil and gas fields to 35 per cent at a cost of C$1.25 million (A$1.34 million).
Last Friday, the company entered into a trading halt for the raise and has on Tuesday come out of the halt.
On the market this morning, Xstate was down 10 per cent and trading at $3.06 per share at 10:46 am AEST.