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April 20, 2011 01:50 AM Eastern Daylight Time
Exterra Announces the Acquisition of a Private Oil & Gas Company
Company Engages Artemis Capital Group, LLC as Its Investment Advisor
AMARILLO, Texas--(BUSINESS WIRE)--Exterra Energy, Inc., (OTCBB: EENI) (“Exterra”) announced today they are “gaining a partner” with the acquisition of Resonance Energy LLC (“Resonance”), a closely held private oil and gas limited liability company headquartered in Florida. Resonance has signed a PSA with SEK Energy LLC, a Kansas LLC, which brings an estimated $1,200,000.00 in current annualized revenues with more than 20,000 developed and developable mineral lease acres with a current proven PV10 value in excess of $25,000,000.00.
“The acquisition of Resonance brings professionals with many years of field experience in the oil and gas industry to bear and solidify our business plan which has always been to grow with producing assets.”
“Management is excited with this opportunity that we have been working on for the past two (2) years,” said Exterra Chairman Robert Royal. “The acquisition of Resonance brings professionals with many years of field experience in the oil and gas industry to bear and solidify our business plan which has always been to grow with producing assets.” As well as, Wall Street Professionals to advise and guide Exterra’s Management. The consideration is a deferred equal restricted common stock position receivable in 24 months, with no immediate dilution and the right to spin-off prior to 24 months.
Exterra takes particular pride in the addition of Messrs Andy Fish and David Rosenberg, Esq., to their corporate family as newly elected members of their Board of Directors. Andy is the President and CEO of Resonance with extensive experience in oil and gas projects in eight (8) states and three (3) countries over the past decade. David has over a decade of practical experience as an attorney concentrating his practice in the area of corporate and commercial law focusing on general business matters, energy related issues, mergers and acquisitions, corporate finance and real property law, and is a partner in Artemis Capital Group, LLC, a metropolitan New York investment consultant. Andy and David will join Exterra CEO Mr. Todd R. Royal and their Chairman as Directors. Resonance will exist as a subsidiary of Exterra with both managements remaining in tact.
Today’s announcement follows Director’s approval of the transaction at Exterra’s special meetings of Directors held April 4, 2011, April 5, 2011, and Stockholder’s Consent to ratify the transaction and elections of the new Directors and receipt of all required regulatory approvals. Exterra has engaged Artemis Capital Group LLC, a metropolitan New York Advisory Firm to advise and guide Exterra’s Management through the acquisition of Resonance Energy LLC, and to assist the Company with immediate interim financing, additional financing to capitalize Exterra and its Subsidiary to conduct their E & P Operations, while advising and assisting Exterra to list on a Major Stock Exchange. The combined Company will continue to operate under Exterra and trade on the Over-The-Counter Bulletin Board (“OTCBB”) under the symbol “EENI”, prior to listing on a Major Stock Exchange. Exterra will remain headquartered in Amarillo, Texas.
Your Management would like to take this opportunity to thank all you loyal Stockholders who have supported and contributed to the success and future success of our Company.
About Exterra Energy, Inc.
Exterra Energy, Inc. (OTCBB: EENI) is an emerging Oil and Gas exploration production company based in Amarillo, Texas, with a Field Office in Parker County, Texas. Exterra is committed to a strong acquisition and development strategy purchasing producing and developing quality Oil & Gas properties. Exterra is primarily active in the development, acquisition and operations of Oil & Gas properties. Please visit our web site at www.exterraenergyinc.com.
Safe Harbor
Statements about the company’s expectations, including revenue and earnings and all other statements in this press release, other than historical facts, are “forward-looking” statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company’s actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
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