Falcon Natural Gas gets $11 million equity line

By Sheri Kasprzak

Atlanta, Nov. 22 - Falcon Natural Gas Corp. received an $11 million equity line from Cornell Capital Partners LP, the company said Monday.

In the agreement, Falcon will receive $1 million up front and $10 million in a standby equity distribution agreement.

The equity agreement may be drawn upon at any time at the company's discretion. Additional details about the financing could not be obtained by press time Monday.

Based in Houston, Falcon is a natural gas exploration company. The company plans to use the proceeds from the $1 million in equity received up front to re-enter its Lower DB3 prospect for undeveloped gas reserves. The company will use the $10 million equity agreement to accelerate its exploration program.

On Monday, the company's stock closed unchanged at $1.15.

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