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Perth-based Australis Oil & Gas (ASX:ATS) has received commitments from investors to raise $39 million via placements.
Earlier this week they went into a trading halt to raise the money to help fund a proposed $US100 million drilling program over its emerging shale play in the south-east US.
The proceeds will be applied to the start of the drilling in the Tuscaloosa Marine Shale.
It is believed that debt will account for most of the funding for the drilling.
Australis is one of the biggest landholders in the TMS, which straddles Louisiana and Mississippi, after paying $US80 million for holdings early last year.
Shares in Australis Oil & Gas (ASX:ATS) last traded at 36c.
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