Deals this week: Pantheon Resources plc, Sabinal Energy, LLC, Bellatrix Exploration Ltd

UK-based oil and gas exploration company Pantheon Resources plc has agreed to purchase an 8% working interest in two prospects in Texas, US, from an undisclosed company.

The prospects involved in the transaction are West Double A and West Double A located in Polk County.

The deal involves a purchase consideration of approximately $9m and will be completed through an upfront cash payment of $6.5m and an additional cost for drilling and completing two wells at the prospects.

US-based private equity fund Kayne Private Energy Income Fund, L.P. has committed to provide $300m in equity to US-based oil and natural gas company Sabinal Energy, LLC.

The investment is expected to strengthen the private equity fund’s portfolio.

Canadian oil and gas exploration company Bellatrix Exploration Ltd. will raise gross proceeds of C$50m ($38.59m) by issuing unsecured subordinated convertible debentures.

Each of the 6.75% debentures is convertible into roughly 617.2840 common shares of Bellatrix. Underwriters to the offer are granted a 30-days over-allotment option to purchase additional debentures worth C$7.5m ($5.79m).

The proceeds are intended to be used to repay the outstanding debts to banks and for general corporate purposes.

Canadian oil and gas exploration and production company, Yoho Resources Inc. has agreed to sell all of its issued and outstanding common shares to private equity firm One Stone Energy Partners LP.

Pursuant to the definitive agreement signed between the two parties, the private equity firm will pay C$0.475 ($0.37) in cash per each share of Yoho, which represents a premium of 102% to the closing price of Yoho’s shares on 18 July.

The deal is expected to be closed on or before 8 September, subject to necessary approval.