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.