Texola Reports Merger Talks

Texola Energy Corp. said that it is in "arm's length" negotiations with an independent junior producing oil company with existing operations and production in Alberta, Canada. The company noted that the discussions relate to a potential merger or other corporate combination.

According to Texola, the purpose of the negotiations is to come to a heads of agreement that will be mutually beneficial to both entities. The deal reportedly would give Texola immediate and longer-term oil production and cash flow, along with an inventory of large and prospective North American oil and gas exploration prospects. The company said that it would provide further updates as the talks proceed.

Texola is an emerging, growth oil and gas exploration company focused finding, exploring, and developing large-scale, early-stage oil and gas projects in North America. It has recently undertaken various exploration initiatives, one of which is an early stage exploration prospect in Nevada. Another is located in Northern Alberta. Both projects offer the company the potential to exploit and develop large, world-class reservoirs.