Zealous has begun operating as CoreStream Energy, Inc., an oil, gas and energy holding company, and has a new management team along with a newly appointed Board of Directors that will provide the expertise to lead the Company in its new direction. All non-energy related assets and holdings will be divested into a new publicly-traded company to be ultimately named Health and Wellness Partners. The stock of the new publicly-traded entity will be used to settle the debt with creditors of Zealous and its subsidiaries. "After very careful and timely consideration, we believe this is the best solution for our shareholders and quickly eliminates the Company's legacy debt. We have so far over 60% of our creditors approving the deal," said Milton "Todd" Ault, III, the outgoing President, CEO and Chairman of Zealous, Inc.
CoreStream Energy starting will be led by Chris Rainbolt, the newly installed CEO and Chairman. Mr. Rainbolt, 44, is an Oklahoma native and comes from a family deeply rooted in the oil, gas and energy industry for over a hundred years. "CoreStream Energy is perfectly positioned to take full advantage of opportunities left behind by larger, over-leveraged exploration and production companies left in the wake of the recent market volatility. His depth of contacts and knowledge of the industry makes him the ideal choice to lead this new energy company," Mr. Ault explained. CoreStream Energy will be headquartered in Dallas, Texas.
More details will be provided in the near future including information about new lease positions, production purchases, drilling schedules, and oil & gas wells being brought on-line in Oklahoma, Texas, Louisiana, and Mississippi. "Today we find the need for more oil and gas production within the United States paramount as the country tries to reduce its dependence on foreign sources. Alternative energy sources are believed to be decades away from economic viability, and certain new government restrictions may be placed on the development of significant new fields. Today's world needs, combined with declining sources and fluctuating world conditions, suggests a continued climb in the value of quality oil and therefore a great opportunity for CoreStream Energy both near and long term," said Mr. Rainbolt.
Most Popular Articles
From the Career Center
Jobs that may interest you