TimberRock closes $39M financing led by Azimuth Capital

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By Ted Liu

TimberRock Energy Corp., a private oil and gas company focused in West Central Alberta, has raised $39 million through a share issue at $0.45 per share led by private equity firm Azimuth Capital Management.

Tudor, Pickering, Holt & Co. Asset Management, an energy-focused asset manager, also participated in the financing.

TimberRock will use the proceeds of this financing to continue developing its successful Glauconite drilling program at Garrington, Alberta, where it has 45 sections of land tied up under farm-in agreements.

In November 2012, TimberRock Energy acquired All Points Energy Ltd. As part of transaction, Azimuth Capital, formerly known as KERN Partners, the majority shareholder of All Points, invested into TimberRock.

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