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HOUSTON - Equus Total Return, Inc. (NYSE:EQS) announced Thursday that its wholly-owned subsidiary, Morgan E&P, LLC, has closed a $3 million term loan facility to fund drilling and work-over operations in North Dakota’s Bakken Shale formation.
The capital will be directed toward two existing non-producing wells in the Williston Basin, with the company expecting to increase production volumes and enhance cash flow beginning in the second half of 2025. According to InvestingPro data, while EQS maintains healthy liquidity with a current ratio of 1.53, the company has not been profitable over the last twelve months.
"We are pleased to complete this funding as a first step to advance Morgan’s operational program in one of North America’s most prolific oil-producing basins," said John Hardy, Chief Executive Officer of Equus, in a press release statement.
Hardy credited Mike Reger, a recent addition to the Morgan team, with securing the financing that will allow the company to "quickly develop our acreage position and return certain wells to production."
The loan proceeds will support both new well completions and optimization of existing assets across Morgan’s operated and non-operated acreage in the region.
Equus Total Return operates as a business development company trading as a closed-end fund on the New York Stock Exchange. Morgan E&P focuses on developing oil and gas assets throughout North America.
The Bakken Shale, which spans parts of North Dakota and Montana, is known for its high-quality crude oil production and long-term reserves potential. Despite challenging market conditions, EQS has demonstrated remarkable revenue growth of 152% in the latest reporting period. For deeper insights into EQS’s financial health and growth prospects, InvestingPro offers 8 additional key investment tips and comprehensive financial analysis tools.
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