Resaca Exploitation Inc Corporate Update (4547Z)
March 07 2013 - 2:02AM
UK Regulatory
TIDMRSOX
RNS Number : 4547Z
Resaca Exploitation Inc
07 March 2013
Embargoed for release at 7 MARCH 2013
7.00 am
Resaca Exploitation, Inc.
("Resaca" or "the Company")
Corporate Update
Resaca (AIM:RSOX), the oil and natural gas production,
exploitation, and development company focused on the Permian Basin
in the USA, announces an update on certain corporate matters.
Further to the announcement on 19 December 2012, Resaca is
pleased to announce that it has entered into a non-binding letter
of intent with ERG Resources, L.L.C. located in Houston, Texas
("ERG") for the sale of its ownership interests in the Cooper Jal
Unit, Langlie Jal Unit, Jordan San Andres Unit, Edwards Grayburg
Unit; the Kermit, McElroy and Kayser properties; and the Odessa
office complex. The Company will now progress the sale through due
diligence and customary documentation and anticipates the sale will
conclude during the second quarter of 2013. Additionally, the
Company anticipates the retention of certain producing properties
and interests post-closing.
The disposal transaction would be subject to the approval of
shareholders in accordance with the AIM Rules for Companies, and
would be described in more detail in a circular to shareholders to
be published following execution of a definitive binding agreement
in respect of such disposal transaction.
The Company will provide a further update on the sales process
when more information is available.
The Company also announces that R. Kelly Plato, Non-Executive
Director of Resaca and Chief Financial Officer of ERG, has resigned
from the Board with immediate effect as a result of his interest in
both parties subject to the potential transaction.
For further information please contact:
Resaca Exploitation, Inc.
J.P. Bryan, Chairman and Chief Executive
Officer +1 713-753-1300
John J. ("Jay") Lendrum, III, Vice Chairman +1 713-753-1400
Dennis Hammond, President and Chief
Operating Officer +1 713-753-1281
David Love, Vice President and Treasurer +1 713-756-1755
Buchanan (Investor Relations) +44 (0)20 7466 5000
Tim Thompson
Ben Romney
finnCap Limited (Nomad and Broker) + 44 (0) 20 7220 0500
Matt Goode, Corporate Finance
Christopher Raggett, Corporate Finance
Victoria Bates, Corporate Broking
About Resaca
Resaca is an independent oil and gas development and production
company based in Houston, Texas. Resaca is focused on the
acquisition and exploitation of long-life oil and gas properties,
utilizing a variety of primary, secondary and tertiary recovery
techniques. Resaca's current properties are located in the Permian
Basin of West Texas and Southeast New Mexico. Additional
information is available at www.resacaexploitation.com.
In accordance with the AIM Rules, the information in this
announcement has been reviewed and approved by Dennis Hammond,
President. Mr. Hammond has a Bachelor of Science degree in
Petroleum Engineering, is a registered professional engineer in the
State of Texas, and has over 30 years relevant experience within
the sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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