Adapti Inc (ADTI)

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News for 'BRZL' - (Brazos International Exploration terminates agreement to acquire Renfro Energy Deal In Brief)


Aug 24, 2011 (Datamonitor Financial Deals Tracker via COMTEX) -- Brazos
International Exploration, Inc., a mineral property exploration company, has
terminated its agreement to acquire Renfro Energy, LLC (RE), an oil and gas
company. Both the companies are based in the US.

Update on March 29, 2011:

Brazos International has obtained a one month extension to acquire RE.

Update on March 10, 2011:

Brazos International has executed a definitive purchase and sale agreement to
acquire RE.

The transaction is scheduled to occur on or before March 31, 2011.

Announcement (May 17, 2010):

Brazos International has signed a letter of intent to acquire RE in an all cash
transaction.

Under the terms of the agreement, in exchange for cash consideration and a net
profits interest in the property, Brazos International will purchase 100% of the
membership interests in RE which includes its two producing oil wells making
12-15 barrels per day, one saltwater disposal well, one shut-in well designated
for exploration drilling, several pumping units, an oil, gas, and water
separation facility, an oil and water pumping facility, an oil and gas storage
facility, and five square miles of 3-D Seismic data processed and partially
evaluated.



Deal Type Acquisition

Sub-Category Majority Acquisition

Deal Status Terminated: 2011-08-19



Deal Participants



Target (Company) Renfro Energy, LLC

Acquirer (Company) Brazos International Exploration, Inc.



Deal Rationale

The acquisition will enable Brazos International to generate significant cash
flow and increase shareholder value.




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