StockMarketWire.com - Riverstone Energy said that Hammerhead Resources, of which it owns 31%, planned to raise up to C$300m (£175m) through a rights issue.

Riverstone said an announcement would be made in in due course regarding the extent of its participation in the preferred equity commitment, if any.

Hammerhead was a privately-owned oil and gas producer focused on the liquids-rich Montney play in Alberta, and the largest investment of Riverstone Energy, representing 26.9% of the company's gross assets as of 30 June.

Proceeds from the equity commitment would be used to fund development activities, principally in the Gold Creek and Karr areas.



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