Navitas Land and Mineral acquires and develops oil and gas assets using conventional drilling, enhancement methods, and low-cost non-conventional processes to improve recovery. The company is focused on the Illinois Basin (southern Illinois, southwestern Indiana, and western Kentucky) and was founded in 2009. Under an MOU with Shengli Highland Petroleum Equipment Co., Navitas will receive $15 million of expansion funding via a purchase of common shares. The funding will be used for capital expenditures to develop new oil wells on five leases controlled by Navitas and is expected to create new jobs. Navitas will purchase exploration, drilling, and development equipment from Highland and establish a workshop colocation to assemble Highland equipment for introduction into the U.S. market. Highland will also make its oilfield equipment technology available to Navitas to accelerate production goals.

Total raised

$15M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2012