Whittier announced that, based upon the preliminary tally of shares voted, approximately 8.3 million shares, or more than 65 percent of the total shares outstanding as of the record date for the special meeting, were voted in favor of the merger. Of the shares voted, more than 98 percent were voted in favor of the merger. Approval of the merger required the affirmative vote of a majority of the shares outstanding as of the record date for the special meeting, February 20, 2007. As of the record date, Whittier had 12,723,132 shares of stock outstanding.
Under the terms of the merger agreement, Whittier stockholders will receive $11.00 in cash for each share of Whittier Energy common stock.
Whittier Energy Corporation is an independent oil and gas exploration and production company headquartered in Houston, Texas, with operations in Texas, Louisiana and Mississippi. Whittier Energy also holds non-operated interests in fields located in the Gulf Coast, Oklahoma, Wyoming and California.
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