January 28, 2021

Modern Bank Closes Inaugural Energy Transaction in Support of TruRoc Resources’ Acquisition of certain South and East Texas Assets

Modern Bank’s newly established Energy Lending group is pleased to announce the closing of a new Senior Secured Oil & Gas Reserve-based credit facility to support TruRoc I XP, LLC’s purchase of primarily operated gas properties across multiple counties in South and East Texas. TruRoc acquires conventional oil and gas assets, enhances production, and improves efficiency and safety. This acquisition provides TruRoc with 85,000 net acres in core areas of the Texas gulf coast, with a stable production base and impactful upside potential. TruRoc I XP, LLC is an affiliate of Alabama-based Fletcher Operating, which lends its extensive track record of operating wells in South Texas. The financing closed on January 21, 2021.

Thomas Stelmar, Head of Energy Lending at Modern Bank, said, “Supported by synergies with Fletcher Petroleum Corp.’s adjacent legacy asset base, TruRoc is well positioned to transition its newly acquired assets to drive additional production. Modern Bank is excited to partner with TruRoc Resources’ principals and proud to announce the inaugural transaction.”

For more information please contact Thomas Stelmar at tstelmar@modernbank.com.

 

About Modern Bank’s Energy Lending Group
Modern Bank’s Energy Lending vertical is dedicated to meeting the needs of the oil and gas sector by providing senior credit facilities, including reserve based and midstream loans, as well as depository services to the industry’s middle market segment. The Energy Lending group delivers tailored credit solutions to support buyouts/acquisitions, recapitalizations, refinancing and growth and development capital. Modern Bank, N.A. is an FDIC insured Bank and an Equal Housing Lender.

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