Petroleum Africa
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Thursday, December 5, 2013
Duma Energy and Hydrocarb Corp. have signed a Definitive Stock Exchange Agreement whereby 100% of all the outstanding stock of Hydrocarb will be acquired by Duma. The merger between the two was originally announced in August when they signed a Letter of Intent for Duma’s acquisition of Hydrocarb’s shares.
Duma’s board of directors approved the acquisition and the agreement was signed on November 27 after receiving an independent oil resource estimate for its oil and gas concession in Namibia’s Owambo Basin, adjacent to Angola’s in northern Namibia.
The merger of the two companies will give the combined entity onshore and offshore oil and gas production in the US as well as a 5.3-million acre exploration concession in northern Namibia, ongoing active negotiations with several African countries in the prolific East African Rift play, and a comprehensive oil field services license approved by the Supreme Petroleum Council of the UAE.
Pasquale Scaturro, Duma’s CEO stated, “This acquisition, which is a major milestone for Duma, makes us an exploration and production company with tremendous upside potential. We’re very enthusiastic about our Namibia concession. The Netherland, Sewell & Associates report released yesterday, estimating 1.1 billion barrels of unrisked in-place potential reserves, means that our combined company is currently trading at a tremendous value per barrel of oil.”
The combined company will be renamed Hydrocarb Energy Corp., with an interim name of Duma Hydrocarb and a new stock ticker pending approval from the SEC.
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