Star Energy Intends to Buy Terrabyte Oil, Gas Company
Posted on: Tuesday, 28 March 2006, 15:00 CST
Star Energy Corp., a Salt Lake-based oil and gas company, announced Monday that it has executed a letter of intent to acquire Terrabyte, an oil and gas company headquartered in Allegan, Mich.
The letter anticipates that Star will give 5 million shares of stock for Terrabyte, and 5 million additional shares issued once 1 million barrels of recoverable oil have been recovered as part of a pilot project planned in Ohio. An additional 2.5 shares will be issued for each barrel in excess of 1 million barrels.
In addition, Star is committed to completing a financing of $1.5 million, plus another $1.5 million within 90 days of closing. Another $7 million will be raised within 18 months of closing. The sale is expected to close on May 26.
Source: Deseret News (Salt Lake City)
Related Articles
- Iraq oil minister visits Tehran
- Somkid: Energy Firms Should Share Oil Profit
- U.S. should share oil royalties with states -Shell
- Iraqis Stumble in Bid to Set Role of Islam U.S. Envoy Supported Power for Clerics
- Iraqi Political Leaders Said to Agree on Oil Revenue Sharing
- New Study Shows Use of Lorenzo's Oil Prevents Onset of Pediatric Neurological Disorder
- New Study Shows Use of Lorenzo's Oil Prevents Onset of Debilitating Pediatric Neurological Disorder
- No. 11 Gonzaga Heads to NCAA Tournament
- Planets More Like Earth Found Circling Nearby Stars
- Sudan Gov't, Rebels to Share Oil Revenue
 |
 |
User Comments (0)
RSS Feeds