Holloman Energy Corporation reported the strategic divestiture of its wholly-owned subsidiary, Endeavor Canada Corporation (Endeavor). In a move set to focus the Company's attention on its Australian oil investments, Holloman has determined to divest of its Canadian-based oil and gas properties.
Effective February 15, 2008, Holloman exercised its rights under an option agreement with its former Chief Executive Officer, Cameron King, to exchange King's preferred shares in the Company and one of its subsidiaries for 100% of the outstanding common shares of Endeavor.
"We believe the divestiture of our Canadian assets focuses our resources on our highest value holdings," stated Mark Stevenson, Chairman of Holloman's Board of Directors. "We think it's the best available approach to streamlining costs, promoting efficiency and maximizing returns from our drilling efforts."
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