Endeavor Energy to Acquire Holloman Petroleum Pty. Ltd.
Endeavor Energy Corp. (OTC BB:ENEC.OB - News) has signed an agreement to acquire Holloman Petroleum Pty. Ltd., a privately-held Australian-based company, for approximately 18,600,000 shares of Endeavor's common stock. Holloman Petroleum Pty. Ltd. is a majority owned subsidiary of Holloman Corporation. Holloman Corporation is a major developer of gas plants, pipelines, and other infrastructure throughout the U.S.
When the acquisition of Holloman Petroleum is completed, it is expected that Holloman's assets will consist of three oil and gas permits issued by the Australian Government. The permits cover approximately 6,873 km2 (1,698,355 million acres) of land in the Cooper basin and 1,992 km2 (492,235 acres) offshore in the Gippsland basin and Barrow sub-basin. Upon closing, the Holloman Petroleum Pty. Ltd. will significantly increase the reserve potential and the ultimate value of the Company's assets. The acquisition has provided significant opportunities to explore and develop additional Australian properties.
"The acquisition of Holloman Petroleum Pty. Ltd. represents a tremendous opportunity for Endeavor Energy," said Cameron King, CEO of Endeavor Energy Corp. "It provides the Company with a substantially larger presence in the Australian oil and gas industry and the ability to expand into more prolific areas in the future. We have enjoyed working closely with the Holloman Corporation to develop the VIC/p60 concession, and consider this acquisition to be a logical progression of that relationship. We are confident that shareholders from both our companies stand to benefit from this development."
"Our participation with Endeavor in the international energy market has advanced our corporate strategy of expanding and diversifying our Company. This combination of assets will provide both short term and long term benefits for both our shareholders and our employees," commented Mark Stevenson, President and CEO of Holloman.
Holloman Corporation will be the Operator for all exploration and development operations on the areas covered by the permits, and, as the largest shareholder of Holloman Petroleum, will own approximately 21% of Endeavor's shares upon successful completion of the acquisition.
The acquisition of Holloman Petroleum is subject to a number of conditions, including receiving the approval of the Australian government for the transfer of the permits to Holloman Petroleum.
Holloman Corporation is an integrated multinational energy company headquartered in Houston, Texas. The Company participates in both traditional and emerging industries including oil, gas, and mineral exploration and production, midstream processing, renewable and alternative energy development, utilities, government contracts, engineering and construction.
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Company: Holloman Petroleum Pty. Ltd. more info
- Endeavor Energy to Acquire Holloman Petroleum Pty. Ltd. (Aug 21)