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US oil & gas firms find equity lifeline

Risk-seeking investors are betting on crude prices having hit bottom

Workers fixing a chemical drum at a drilling site in the Permian Basin oil field on Jan 20, 2016 in the oil town of Andrews, Texas. Many of the equity issuers are active in the Permian Basin of West Texas and New Mexico, the source of more than 20 per cent of the nation's production.

IT was one of the darkest periods of the oil market slump. The global economy was showing fresh signs of slowing, and crude prices were collapsing so steeply that virtually every well in America was unprofitable.

But when Diamondback Energy went out to raise US$226 million worth of new

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