Corporate Strategies, LLC acquired 91% interest in Texas Gulf Oil & Gas Inc. from Texas Gulf Energy, Incorporated for $0.94 million.
September 17, 2012
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Corporate Strategies, LLC entered into an agreement to acquire 91% interest in Texas Gulf Oil & Gas Inc. from Texas Gulf Energy, Incorporated (OTCBB:TXGE) for $0.94 million in stock on August 31, 2012. Under the terms of the agreement, Texas Gulf Energy, Incorporated will sell 91% or 0.091 million shares of Texas Gulf Oil & Gas to Corporate Strategies in exchange of 6 million shares of Texas Gulf Energy, Incorporated. Of the 6 million shares 2.4 million were beneficially owned by Corporate Strategies while 3.6 million were owed to Corporate Strategies by Texas Gulf Energy. The transaction is expected to close on September 6, 2012. Clayton E. Parker of K&L Gates LLP acted as the legal advisor to Texas Gulf Energy, Incorporated in the transaction.
Corporate Strategies, LLC completed the acquisition of 91% interest in Texas Gulf Oil & Gas Inc. from Texas Gulf Energy, Incorporated (OTCBB:TXGE) on September 6, 2012. As a result of the transaction, David Mathews, Texas Gulf Energy's Chief Executive Officer and President, and Craig Crawford, Texas Gulf Energy's Executive Vice President and Chief Financial Officer, resigned from all of their officer and director positions with Texas Gulf Oil & Gas.
Texas Gulf Energy, Incorporated is engaged in providing construction, maintenance, turnaround management, professional services, project management services, and fabrication and field services. The Company offers services to the refining, chemicals, liquefied natural gas, oil and gas, and midstream and upstream industries. The Company also offers consulting services. Its International Plant Services (IPS) group is engaged in the provision of engineers, construction staff and construction crafts. The IPS group specializes in process plant welders and pipefitters. Its Texas Gulf Fabrication Services group offers pipe, structural steel, skid and module, and vessel fabrication. Its Texas Gulf Energy International group provides capital projects, construction, turnaround and maintenance services for international markets throughout the world. It serves the engineering procurement construction companies, providing services to customers in North America and abroad.