Equus Subsidiary, Morgan E&P, Secures $3 Million Term Loan to Advance Drilling and Work-Over Program in North Dakota's Williston Basin
HOUSTON, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE:EQS) ("Equus" or the "Company") today announced that its wholly-owned subsidiary, Morgan E&P, LLC ("Morgan"), has successfully closed on a $3 million term loan facility. The proceeds will be used to fund near-term drilling and work-over operations in the Bakken Shale formation of North Dakota's Williston Basin on two existing, but non-producing wells owned by Morgan.
The capital is expected to enable Morgan to accelerate targeted development opportunities in its operated and non-operated acreage, focusing on both new well completions and the optimization of existing producing assets. This program is further expected to increase production volumes and enhance cash flow commencing in the second half of 2025.
"We are pleased to complete this funding as a first step to advance Morgan's operational program in one of North America's most prolific oil-producing basins," said John Hardy, Chief Executive Officer of Equus. "I'd like to thank Mike Reger, who recently joined the Morgan team, and was instrumental in securing this financing. We can now quickly develop our acreage position and return certain wells to production, creating immediate value for our shareholders."
The Bakken Shale, located primarily in North Dakota and Montana, is recognized for its high-quality crude oil production and long-lived reserves. Morgan E&P's planned activities are expected to strengthen its presence in the basin and contribute to Equus' broader energy portfolio strategy.
About Morgan E&P, LLC
Morgan E&P, LLC (www.morganep.com) is an upstream exploration and production company focused on the development of oil and gas assets throughout North America. Morgan is a wholly-owned subsidiary of Equus.
About Equus
Equus Total Return, Inc. is a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol "EQS". Additional information on the Company may be obtained from the Company's website at www.equuscap.com.
Forward-Looking Statements
This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon Equus' current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in Equus' filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Equus undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by Equus or any other person that the events or circumstances described in such statements are material.
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