Core Resource Acquires Interests in Oklahoma Properties

Core Resource Management Inc. has acquired the Oklahoma oil and gas assets of White Stone Resources LP and Royal Energy Resources Inc. in exchange for common stock equity of Core.

Both White Stone and Royal are private companies. They currently own and are selling to Core nearly $1.8 million in PV10 proved developed producing properties.

“The addition of these new assets to our balance sheet along with the compartmentalization of oil and gas expertise and our expertise in the capital markets of our team, puts us in a unique position for rapid expansion,” Core CEO James Clark said in a statement. “With the market price of oil declining, it has produced value buying opportunities, and we feel Core can capitalize on this current market condition.”

The final definitive purchase sale agreement and terms of the all-equity deal was executed on Dec. 12, 2014.

 

3 Ways Technology is Going to Shape the Oil and Gas Industry Free to Download Today

Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.

Related posts

Subscribe to OILMAN TodayDelivered to your inbox

Subscribe to OILMAN Today, a biweekly newsletter delivered to your inbox covering oil and gas business news, current events and industry information you need to know about.