Exterra has signed a Letter of Intent to merge with an Industry Partner. The terms and conditions of this merger will be disclosed when the Company announces the Definitive Agreement which is expected to be announced in the very near term.
Management is eager to close this transaction because of the synergistic opportunity the combined companies represent increasing the portfolio of assets and cash flow.
Exterra will be enhancing its management team by adding a highly skilled individual with over 40 years of experience in the Oil and Gas space. His most recent Major Oil company experience was with Exxon Oil Company as a top executive.
The CEO of the Industry Partner stated, "We are pleased to be able to reach this agreement and feel that the combined companies will open up much larger opportunities in the oil and gas space for the new company."
Current Exterra management welcomes the depth and breadth of knowledge and experience that this individual carries to help guide and direct the future path of the company.
Todd Royal, CEO/President of Exterra, commented, "This planned merger of the two companies will bring an additional 5MM Barrels of Proved Reserves along with an increase over current production of more than 140 barrels per day. This enhancement of resources will add to shareholder appreciation as well as give the combined company some attractive financing opportunities."
Commenting further, Mr. Royal said, "This acquisition cements management's plan to grow with Proven Developed Producing (PDP) assets, thus increasing revenues, net earnings and shareholder value."
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