Hedges jump into oil lending

WASHINGTON – When USA Superior Energy was looking to raise $2.5 million in cash to buy up some depleted oil fields in Texas, Kansas and Kentucky, the banks weren’t interested in lending.

The Houston-based company had been around for scarcely a year and wanted to use its proprietary technology to extract oil trapped in these abandoned fields
“We didn’t have the bank criteria,” said Rowland Carey, the company’s president.

So on the advice of a consultant, USA Superior approached a new source of financing for the energy sector