Alamo Energy Corp. (OTCBB: ALME) cancelled KYTX Oil and Gas, LLC and KYTX Pipeline, LLC and KYTX Drilling Company, LLC from Range Kentucky Holdings, LLC for $0.1 million.
December 23, 2013 at 12:00 am EST
Share
Alamo Energy Corp. (OTCBB: ALME) acquired KYTX Oil and Gas, LLC and KYTX Pipeline, LLC and KYTX Drilling Company, LLC from Range Kentucky Holdings, LLC for $9.1 million in cash and stock on April 12, 2011. The consideration consists of $0.4 million in cash, 3 million shares at closing and 5.5 million shares will be paid within 24 months after the closing. The transaction is subject to execution of registration rights agreement, obtaining financing, lock up agreement, due diligence and resignation of target's directors. Richard L. Edmonson of Hall Estill Attorneys at Law acted as the legal advisor for Alamo Energy. Karen J. Greenwell of Wyatt, Tarrant & Combs, LLP acted as the legal advisor for Range Kentucky Holdings.
On December 23, 2013, the deal was cancelled and Range Kentucky Holdings, LLC was asked to pay Alamo Energy Corp. $0.07 million in cash, $2.86 million in promissory notes and $0.03 million in stock for all of Alamo's interest in KYTX Oil and Gas, LLC and KYTX Pipeline, LLC and KYTX Drilling Company, LLC.
Alamo Energy Corp. (OTCBB: ALME) cancelled the acquisition of KYTX Oil and Gas, LLC and KYTX Pipeline, LLC and KYTX Drilling Company, LLC from Range Kentucky Holdings, LLC on December 23, 2013.
Alamo Energy Corp. (Alamo) is an oil and gas company. The Company is focused on exploration, production and development of oil and natural gas within North America. In the United States, it focuses on the Appalachian Basin and own working interests in properties in West Virginia. Its business plan is to acquire oil and gas properties for exploration, appraisal, and development with the intent to bring the projects to feasibility at which time it either contracts out the operations or joint venture the project with qualified interested parties. It owns 50% working interest in the Florence Valentine Lease and a working interest and net revenue interest in the Valentine #1 re-entry well. This well is located on approximately 115 acres in Ritchie County, West Virginia within the Burning Springs Anticline.
Alamo Energy Corp. (OTCBB: ALME) cancelled KYTX Oil and Gas, LLC and KYTX Pipeline, LLC and KYTX Drilling Company, LLC from Range Kentucky Holdings, LLC for $0.1 million.