Orlando, FL (PRWEB) March 22, 2012
Subsequent to Petrostar's April 2011 press release announcing its break from Capital Corp Merchant Banking in a deal to obtain funding for a Bakken Oil project, some questions have been raised on the subject of this project and Capital Corp Merchant Banking's role in it.
Negotiations between Capital Corp Merchant Banking Orlando and Petrostar were terminated on account of Capital Corp's thorough Due Diligence and the information that was found out. Petrostar was discovered to be in poor financial standing and unable to invest itself in its own project, despite assurances to the contrary. Petrostar decided, following Capital Corp's Due Diligence, to get its financial house in order before proceeding with the Bakken project. At its behest, Capital Corp generously refunded the appraisal funds and both parties parted ways amicably.
In a memo, Mr Bill Stafford, CFO of Petrostar Petroleum Co., stated to having been "very satisfied with [its] dealings with [Mr. Herard, President & CEO] and CCMB."
The deal was meant to provide Petrostar with $20 million to be used specifically for the exploration and development of Petrostar's Bakken property.
About Capital Corp Merchant Banking: Capital Corp Merchant Banking offers quality Merchant Banking services for a variety of projects worldwide. Capital Corp Merchant Banking has developed close working relationships with groups of Professionals: Specialists in Finance, Commercial Risks Insurance and Re-Insurance, International Accounting Firms and Law Firms, and the largest Valuation Firm in the world. Capital Corp Merchant Banking is solution-oriented and known for being the most flexible Funding Source on the Market in creating handcrafted investment structures to meet the needs of the different constituent groups in each individual transaction. Capital Corp Merchant Banking offers many services: Project Financing, Consulting, Due Diligence, Evaluation of a Business, Negotiating Services, Acquisitions, Investment Approach, and Presentation Reports as well. For further information, please visit our website.