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Brookside Energy Ltd

Brookside Energy adds Casey Capital as major shareholder, forms Mark Casey-led advisory board

Casey Capital joins Merchant Funds and The Twentieth Century Motor Company as substantial shareholders in Brookside.

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Casey Capital is a US-based investment outfit

Brookside Energy Ltd (ASX:BRK) has welcomed Casey Capital as a substantial shareholder to its share registry and has added the investor’s chairman Mark Casey to its new advisory board.

Casey will chair the new board and be compensated with unlisted options after his company acquired its stake on-market.

READ: Brookside Energy’s oil and gas production results confirm productivity in the SCOOP Play

Brookside managing director David Prentice will also be a founding member of the board, as the company seeks new members to complement the people already involved in the Brookside board, the company’s executive team and its partner and US operations manager Black Mesa Production LLC.

Prentice described the investment as a strategic stake and said: “We are absolutely delighted to welcome Casey Capital as a substantial shareholder and Mark as chairman of our advisory board.

“We think there is very strong alignment between the success that Mark and Casey Capital have enjoyed in Australia in the property sector with what we are doing in the Anadarko Basin in Oklahoma.”

“I’m very excited to be working with Mark and very much look forward to the role the advisory board will play in advising and guiding us as we continue to build on our portfolio in this world-class basin and importantly making sure that we realise value for our shareholders here in Australia.”

 

New advisory board chairman Casey said: “This is an exciting investment that fits well into the Casey Capital vision as it encompasses both excellent real estate holdings along with growing cash flows as more wells in Oklahoma come online.

“We are also pleased to accept the offer from Brookside to sit on its advisory board and provide invaluable expertise in all facets of real estate, from acquisitions to leasing negotiations along with providing significant financial resources.

“I’m very excited to be working with Mark and very much look forward to the role the advisory board will play in advising and guiding us as we continue to build on our portfolio in this world-class basin and importantly making sure that we realise value for our shareholders here in Australia.”

READ: Brookside Energy shares surge on achieving sustained production from Anadarko Basin wells

Brookside is active in the South Central Oklahoma Oil Province

Brookside is active in the South Central Oklahoma Oil Province

Earlier this month, Brookside achieved a production rate of 1,828 barrels of oil equivalent per day (67% oil) from the Bullard 1-18/7H well at Anadarko Basin plays in Oklahoma.

The company has a 20.57% working interest in the well now producing from the Woodford Shale in the South Central Oklahoma Oil Province (SCOOP) play.

Mark Casey will receive 15 million unlisted options with a 3-cent exercise price as compensation for his advisory board service.

The options expire on December 31, 2020.

Incoming advisory board members will be paid in unlisted options.

Quick facts: Brookside Energy Ltd

Price: $0.01

Market: ASX
Market Cap: $8.99 m
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