HITEC INVESTS IN SPRING ENERGY
Spring Energy, Press release, 24 April 2008.
HitecVision announced today an agreement to provide USD 120 million in equity financing to the independent oil and gas company Spring Energy Norway AS.
Spring Energy Norway AS, located in Oslo, is a start-up oil and gas company actively pursuing growth opportunities in both mature and immature areas on the Norwegian Continental Shelf (NSC). The management team, led by CEO Roar Tessem, has extensive experience from exploration and production. Spring Energy aims to be qualified as a license partner on the NCS before mid 2008 and as an operator during 2010, actively participating in exploration, appraisal and development projects as well as acquiring acreage in the asset market.
HitecVision Private Equity AS ("HitecVision") is one of Europe's leading private equity investors in the oil and gas industry, focusing on buyouts and growth capital investments. Through its fund HitecVision V, the investor has committed in total USD 120 million in equity financing to Spring Energy.
"This funding from such an experienced investor as HitecVision puts us in a unique position to pursue and accelerate our growth strategy. HitecVisions's investment team has a proven track record within the exploration and production business, successfully taking Revus Energy and Noreco from start-ups to listed companies with extensive and attractive licence portfolios in just a few years. We look forward to further grow Spring Energy together with HitecVision", states Roar Tessem, CEO of Spring Energy.
"The founders of Spring Energy have on average more than 20 years exploration and production experience from the NCS, and we are impressed with their achievements and broad pool of expertise. This is a team with high ambitions, eager to pursue innovative exploration methods combining advanced technology and strong competence", says Gunnar Halvorsen, Senior Partner at HitecVision.
The founders of Spring Energy will continue as shareholders in the company.
END
Oslo, 24 April 2008
Spring Energy Norway AS
For further information please contact:
Gunnar Halvorsen, Senior Partner, HitecVision
Mob: +47 91833906
Roar Tessem, CEO, Spring Energy
Mob: +47 90666764
Lars Husby, CFO, Spring Energy
Mob: +47 48400415
Randi E. Hognestad, Director of Investor Relations, HitecVision
NOTE TO EDITORS
About HitecVision Private Equity AS:
HitecVision is one of the leading private equity investor specialised in buy-out and growth stage investments in the oil and gas sector in Europe and North America. The investment team combines extensive operational experience from the petroleum industry with a proven investment track record. Over the past 20 years the team has provided high returns to investors through the ups and downs of the oil and gas industry, having established or invested in more than 65 companies, made 50 exits, and led seven IPOs.
HitecVision currently manages three funds with a total capital base of USD 1.2 billion. Through the funds HitecVision has invested in 16 portfolio companies, of which three are fully exited and two partially exited. The investor base comprises leading Norwegian and international pension funds, fund of funds, endowments, foundations and family offices, insurance companies and other financial institutions.
HitecVision is headquartered in Stavanger, and has offices in Oslo, Aberdeen and Houston. For more information, please visit
www.hitecvision.com.
About Spring Energy Norway AS:
Spring Energy is an independent upstream oil and gas company. The company was established in 2007 by a group of E&P professionals with extensive experience from the Norwegian Continental Shelf (NCS), having held management positions with companies such as Det Norske Oljeselskap / DNO, PGS Reservoir Consultants, OPRA Technologies and Acona.
The corporate strategy focuses on participation in exploration, appraisal and development projects on the NCS with the objective of developing a risk balanced portfolio over the next 3 to 5 years. To secure an optimal mix of assets, the company will seek to develop its portfolio through licensing rounds as well as pro-active participation in the asset market.
Spring Energy currently has a team of 11 highly qualified employees, and will increase the team further during 2008.