Key Developments: GeoPetro Resources Co (GPR)
18 Jun 2013
Latest Key Developments (Source: Significant Developments)
MCW Energy Group Ltd and GeoPetro Resources Co announced that their respective boards of directors have each unanimously approved a definitive merger agreement whereby MCW has agreed, subject to the terms and conditions set forth therein, to acquire GeoPetro and GeoPetro will continue as a subsidiary of MCW. At the effective time of the merger, each outstanding common share of GeoPetro will be converted into the right to receive 0.07840916 common shares of MCW and 0.138485 Class B Preferred Shares of MCW, and each outstanding share of Series B Preferred Stock of GeoPetro will be converted into the right to receive 0.07840916 Class A Shares of MCW. The MCW Class A Preferred Shares will have the same substantive terms as the GeoPetro Series B Preferred Shares with respect to voting rights, the right to receive dividends and the right to receive distributions upon liquidation. The MCW Class B Preferred Shares will not have the right to vote or to receive dividends, nor will the holders thereof have the right to receive distributions upon any liquidation. During the five years following the merger, should GeoPetro achieve certain EBITDA targets, the MCW Class B Preferred Shares shall be automatically converted into common shares of MCW. Completion of the transaction is contingent upon, among other things, shareholder and regulatory approvals, and it is expected to close in the Summer of 2013. Full Article
GeoPetro Resources Company's GeoPetro Canada Ltd. Completes Acquisition Of 100% Working Interest In Swan Hills Project From PetroBakken Energy Ltd. And Mosaic Energy Ltd.
GeoPetro Resources Company announced that it now owns 100% working interest in the Swan Hills Project, Central Alberta, Canada through its wholly owned subsidiary GeoPetro Canada Ltd. The acquisition of the remaining two-thirds (2/3) working interest from PetroBakken Energy Ltd. and Mosaic Energy Ltd. is in exchange for an overriding royalty interest, thus not requiring any upfront cash payment from GeoPetro. The Swan Hills Project covers 4,480 acres. The acreage is shot with high quality 3D seismic which has identified a reefal complex with a potential for 50 million barrels of recoverable oil reserves or a potential for 250 billion cubic feet of recoverable natural gas reserves with significant associated oil. The project is located in the prolific Swan Hills area of Alberta and is in the general vicinity of major oil discoveries to the north (Judy Creek Field and Carson Creek Field) and major natural gas discoveries with significant associated oil to the south and to the west (Rosevear Field and Kaybob South Field). A well is planned for the 4th quarter of 2012 or 1st half of 2013, subject to permitting and other regulatory approvals, and securing a farmout partner. Full Article
GeoPetro Resources Company announced that on September 13, 2011, its wholly-owned, indirect subsidiary, Madisonville Midstream LLC ("MML") closed a transaction with Peregrine Midstream Partners LLC ("Peregrine")to sell certain idle and non-income producing equipment ("assets") at its gas treatment plant located in Madisonville, Madison County, Texas for $9,250,000. Peregrine had previously paid non-refundable deposits of $1,575,000 prior to closing, and Peregrine paid the remaining purchase price balance of $7,675,000 on September 13, 2011. Full Article