SOURCE: Spyglass Cedar Creek, L.P.

December 17, 2007 11:25 ET

Spyglass Cedar Creek, L.P. Receives $22 Million Commitment

NEW BRAUNFELS, TX--(Marketwire - December 17, 2007) - Spyglass Cedar Creek, L.P. announced today the successful completion of $22 million in financing via a commitment with CIT Group, Inc. (NYSE: CIT) to develop the company's Cedar Creek Prospect located in Harding County, South Dakota.

The monies provided to Spyglass Cedar Creek will broaden the company's market leadership and facilitate the financial flexibility to accelerate the expansion and development of its Cedar Creek Prospect by constructing, owning and operating a pipeline gathering system. A portion of the proceeds ($2.75 million) was utilized to capitalize on more growth opportunities through the acquisition of GP Energy, Inc.'s working interest in the venture, which includes ownership in the Saddle Butte Prospect, thereby increasing Spyglass' net acreage under lease.

March Kimmel, a Founder and General Partner of Spyglass Cedar Creek, L.P., said, "We are extremely excited to have gained the financial capability to bridge our current and future business initiatives and are committed to completing the steps necessary to boost the growth of our company and bring our projects to fruition. With the successful completion of this financing, we will take advantage of every opportunity to expand our business and position Spyglass Cedar Creek, L.P. as a more widely recognized and prominent player in the oil and gas arena."

Brian Kerrigan, Director of CIT Energy, said, "We are pleased to provide Spyglass Cedar Creek, L.P. with the financing needed to implement their development and drilling strategy. Our goal is to help customers achieve their growth objectives while developing solid long-term relationships. We believe we have successfully achieved this with Spyglass and look forward to working with their management as the company continues to expand."

About CIT

Founded in 1908, CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and small business administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities.

About Spyglass Cedar Creek, L.P.

Spyglass Cedar Creek is a Texas-based oil and gas exploration, development company with offices in New Braunfels, Texas, and Santa Barbara, CA. Spyglass Cedar Creek is one of a series of limited partnerships managed and founded by Karen Christensen, Kevin Sellers and March Kimmel.

Contact Information

  • Contact Information:
    Kevin Sellers
    Spyglass Cedar Creek, L.P.
    Email Contact