HARRISON, NY - (NewMediaWire) - May 16, 2024 - Metawells Oil & Gas Inc. (the "Company" or "KOSK") is pleased to announce that it has entered into a definitive agreement dated May 14, 2024 (the "Definitive") to merge with Global Oil & Gas Recovery Corp. an arm's length privately held company ("GlobalOG") incorporated in the state of Delaware.
The transaction is structured as a shares exchange and KOSK will acquire all the issued and outstanding capital interest or shareholdings of Global, in exchange with KOSK authorized but unissued common stock. The agreement includes a series of representations and warranties by both parties and conditions that precedent the corporate action. Global is currently a private company and exists in good standing under the laws of the State of Delaware.
KOSK President Ronald Minsky states that, "This merger with Global will be extremely beneficial for KOSK shareholders as Global brings in cutting edge technology for the recuperation of oil and gas from abandoned and zombie oil fields in the U.S. and Canada." Global Oil and Gas Recovery Corporation CEO Richard Cindric states, "Global has been looking for the proper partner to take our business to new heights with our cutting-edge technology. We look forward to the days ahead to putting our company on the map as a big player in the oil and gas recovery business."
About Metawells Oil & Gas Inc.
Metawells Oil & Gas Inc. is a holding company founded in the State of Nevada and engaged in two sectors, the energy sector and the sector of technology. The Company is set to forge strategic collaborations and develop both business segments to accelerate the company growth. The company is currently working on its strategic business plan to become an oil producer, focused on the multi-zone development and Enhanced Oil Recovery ("EOR") of "extreme shallow" medium gravity oil.
www.metawellsinc.com
