Southern Bay, Chandler fold into GeoResources
Wednesday April 18, 2:12 pm ET
Southern Bay Oil & Gas LP and Chandler Energy LLC have officially been merged with GeoResources Inc., following shareholder approvals.
Williston, N.D.-based GeoResources, a natural resources company, remained the surviving entity, but the corporate headquarters will be relocated to Houston.
To merge the companies, Southern Bay made capital contributions of about $19.4 million.
Southern Bay partners received about 8.3 million shares of GeoResources' common stock, while Chandler members received 1.9 million shares. Certain working-interest owners in a Chandler-operated oil and gas project in eastern Colorado received 496,000 shares. Total outstanding common shares increased to about 14.6 million shares.
As part of the merger, GeoResources' common stock was approved for listing on the NASDAQ Global Market and trades under the symbol "GEOI." The GeoResources board was reconstituted to have total of seven directors comprised principally of parties appointed by Houston-based Southern Bay, an owner of oil and gas properties, and Denver-based exploration company Chandler Energy.
The executive officers are:
Frank Lodzinski, president and chief executive officer. He held the same role with Southern Bay.
Collis P. Chandler III, executive vice president and chief operating officer for the Northern region. Chandler headed up Chandler Energy.
Francis Mury, executive vice president and COO of the Southern region. Mury had the same role for Southern Bay.
Jeffrey Vickers, GeoResources' president, is now vice president, Williston Basin exploration and development of the new entity.
Robert Anderson, vice president of acquisitions and divestitures for Southern Bay, retains the same title and adds business development.
Howard Ehler of Southern Bay continues as vice president and chief financial officer for the new company.
Cathy Kruse, corporate secretary for GeoResources retains her title.
The new entity has assets in the Gulf Coast, Rocky Mountains and Williston Basin, with a current daily production of about 1,500 barrels of oil equivalent.
Published April 18, 2007 by the Houston Business Journal
