Porter Hedges Advises Alpine Summit Energy Partners on the Expansion of its Upstream Energy Asset Backed Securitization to $135 Million
Porter Hedges advised Alpine Summit Energy Partners, Inc. (TSXV: ALPS.U) (OTCQX: ASEPF) (“Alpine Summit”) on the expansion of its asset backed securitization of certain producing oil and gas wells (the "Facility"), previously announced in May 2022. The Facility is being increased by US$55 million, to a total size of US$135 million, and has additional capacity to expand up to US$150 million in total.
The Facility is secured by working interests in a subset of Alpine Summit's producing assets, which are held by an affiliate of its operating subsidiary, HB2 Origination, LLC. Proceeds from the Facility will be used for continued development activities, working capital, and general corporate purposes.
Founded in 2018, Alpine Summit is a U.S. based company that operates and develops oil and gas assets. Alpine Summit is focused on maximizing growth and return on equity via improved access to wellhead economics.
For additional details, see the Alpine Summit press release here.