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Provider: Wright Reports

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King Stone Energy Group Ltd Announces Acquisition Of Assets Of Hydroflame

Monday, 28 Oct 2013 06:58am EDT 

King Stone Energy Group Ltd announced that with reference to the announcement made earlier, in relation to the submission of a binding bid at an auction of certain oil and gas assets. The Company now announced that the Group is the successful bidder according to the order given by the United States Bankruptcy Court for the Middle District of Louisiana dated October 11, 2013, which had its automatic stay lifted on October 25, 2013. Pursuant to the Asset Purchase Agreement, the Vendor shall sell, convey, transfer, assign and deliver to the Group, and the Group shall purchase and acquire from the Vendor all of the Vendor’s right, title and interest in and to all of the assets of HydroFlame, real and personal, tangible and intangible, of every kind and wherever situated, which are owned by HydroFlame or in which HydroFlame has any right, title or interest including all properties, assets and rights comprising or relating to the Patents or used or held for use in connection with the Patents and all business goodwill and rights of the Patents, including: all tangible personal property such as machinery, appliances, equipment, customer orders and agreements, and license rights; all of the rights and interests of HydroFlame in and to those contracts, commitments, leases, licenses agreements or instruments. The consideration payable by the Group for the Purchased Assets is USD7,875,000 (equivalent to about HKD61.4 million) which shall be payable in cash. 

Company Quote

-0.0020 -0.83%
19 Dec 2014