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New oil company drilling in old wells

By   /   Monday, July 19th, 2010  /   Comments Off on New oil company drilling in old wells

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A newly public Carpinteria oil firm backed by industry veterans has garnered $20 million to go after black gold in California and Wyoming.

NiMin Energy Corp. raised $11.5 million in a public offering in May and now trades under the symbol NNN on the Toronto Stock Exchange, where many natural resource companies make their home. The company also refinanced its short-term debt with up to $75 million in long-term debt.

The net result is $20 million in capital to go after oil in underdeveloped fields in the San Joaquin Valley and Wyoming’s Bighorn Basin with a new extraction technology that pumps pure oxygen into wells as deep as 6,000 feet to coax out petroleum, NiMin CEO Clancy Cottman said.

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