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Zenith Energy Ltd - Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe - Signs deal with Stateside Energy LLC to buy a portfolio of oil production and development licences in Oklahoma, as well as certain other states in the US. Says under the deal, Zenith will incorporate a wholly owned special purpose vehicle in the US for the purpose of acquiring oil wells and licence blocks, called Newco. Says Stateside agrees to sell its oil production wells to Newco, subject to the completion of a satisfactory due diligence by Zenith for a nominal consideration.
Chief Executive Officer Andrea Cattaneo says: "We are pleased to formally begin our expansion in the USA by way of the agreement with Stateside. The advantages of operating in North America are readily apparent, and primarily include the speed of execution for transactions, with the resulting delivery of potential immediate oil production to Zenith, and the relatively conspicuous lack of bureaucratic delays and other detrimental impediments to corporate development seen elsewhere."
Stateside is an oil and gas operator with a portfolio of seven oil wells in the State of Oklahoma.
Current stock price: 0.40 pence each, down 5.9% on Friday morning in London
12-month change: down 52%
By Xindi Wei, Alliance News reporter
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