March 22 (Bloomberg) -- Billionaire George Soros’s Quantum Partners LP and Macquarie Bank Ltd. are among investors that bought stakes in Red Fork Energy Ltd., an Oklahoma-based shale oil and gas explorer that raised $29 million selling shares.
Red Fork, which has declined 47 percent in Sydney trading in the last 12 months, will use proceeds from the sale to further develop its Mississippian oil and gas project in northern Oklahoma, the company said in a statement today.
The oil and gas explorer increased 12 percent to close at 42.5 Australian cents a share today, the most since Dec. 22. The benchmark S&P/ASX 200 Index was little changed.
The North American shale industry has attracted investors as advances in technology increase production from the deposits, formations of dense rock that can be broken apart to release trapped oil and gas. Red Fork has more than 130,000 acres in Oklahoma with producing oil and gas fields as well as development prospects, the company says on its website.
Red Fork raised A$28.5 million ($28.7 million) selling 89 million shares at 32 Australian cents a share, according to its statement. The oil and gas explorer expects to raise a further A$5 million through a share purchase plan at the same price.
Soros is the founder of Soros Fund Management LLC that oversaw about $25 billion in assets as of September.
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