LONDON (Alliance News) - Pantheon Resources PLC on Monday said it acquired a controlling stake in Vision Gas Ltd and Vision Resources LLC, upping its interest in the Tyler County acreage, onshore Texas.
Pantheon shares were trading up 5.3% at 25.00 pence each early Monday morning.
Pantheon will buy the majority stake, 66.6%, in the two Vision firms through the issue of 3.5 million Pantheon shares to the sellers, Kaiser Francis and associated limited partners. At Monday's market price, 3.5 million Pantheon shares are worth GBP875,000.
Vision Gas and Vision Resources hold a 33.3% working interest in the VOS 1 well and associated acreage in Tyler County in Texas, where Pantheon has a significant working interest in a number of projects.
The oil & gas company added that it remains in negotiations with the estate of Bobby Gray to acquire the remaining interest in Vision and increase Pantheon's working interest in the firms to 100%.
Pantheon Chief Executive Officer Jay Cheatham said: "The Kaiser Francis transaction is an important step in assuming control and management of the Vision entities. Importantly, it paves the way for Pantheon to assume operatorship and decision-making responsibility for our East Texas assets into the future."
Pantheon Resources plc (PANR)