Boulder-based Arnie Oil raises $1.2M for Western Slope exploration
BOULDER – Arnie Oil LLC, a new Boulder-based company, has raised nearly $1.2 million that it will use toward oil and gas exploration on Colorado’s Western Slope.
The company disclosed the fundraising in a filing with the Securities and Exchange Commission last week.
Company President Arnie Ostrander, who has a background in geology and has done work related to the oil and gas industry, dubbed the firm a one-man oil and gas company. He does have a pair of partners in the venture, James Calaway and Roderick Hunsaker of Carbondale.
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The money the company has raised came from seven investors according to the SEC filing. Ostrander said the money will be used to secure leases and drill the company’s first well. Arnie Oil has leases on about 1,500 acres. Ostrander said he hopes to begin drilling in late summer or the fall.
Longer term, Ostrander said the plan is to lease more acreage and continue to contract out the drilling and operation of the company’s wells.
BOULDER – Arnie Oil LLC, a new Boulder-based company, has raised nearly $1.2 million that it will use toward oil and gas exploration on Colorado’s Western Slope.
The company disclosed the fundraising in a filing with the Securities and Exchange Commission last week.
Company President Arnie Ostrander, who has a background in geology and has done work related to the oil and gas industry, dubbed the firm a one-man oil and gas company. He does have a pair of partners in the venture, James Calaway and Roderick Hunsaker of Carbondale.
The money the company has raised came from seven investors according to the…
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