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Armada Oil & Mesa Energy Complete Business Combination

Source: www.gulfoilandgas.com 4/1/2013, Location: North America

Armada Oil, Inc. (“Armada Oil”) (the “Company”) and Mesa Energy Holdings, Inc. (“Mesa“) announced the closing of the Asset Purchase Agreement and completion of the business combination of Armada Oil and Mesa on March 28, 2013. Stockholders of Mesa should see their shares converted to Armada shares in their brokerage accounts this week. Those with paper certificates will receive a notification document from the transfer agent and will be able to choose how they would like their shares handled.

In completing the transaction, Armada Oil has acquired 100% of Mesa Energy, Inc., a wholly owned subsidiary of Mesa that holds substantially all of the assets of Mesa. In return, Mesa stockholders will be issued 0.40 shares of common stock of Armada Oil for each share of Mesa that they own as of the close of business on March 27, 2013. The new share structure of the combined companies is approximately 54 million issued and outstanding shares of Armada Oil common stock, with Mesa and Armada Oil stockholders holding, respectively, approximately 62.4% and 37.6% of the combined company. In addition, Mesa will be dissolved. Armada Oil will be the surviving corporate entity and will relocate its headquarters to Dallas, Texas.

It is anticipated that the combination of the two companies will enhance stockholder value by merging management teams with proven operational and public company experience, who will build upon a diversified asset base consisting of conventional producing properties in Louisiana as well as unconventional resource play opportunities in both the Niobrara formation in Wyoming and in the Mississippian Lime formation in Oklahoma. In the coming months, Armada Oil expects to seek a listing on a national exchange, increase liquidity, spur growth, and more fully and effectively exploit its asset base.

Randy M. Griffin, Chairman and Chief Executive Officer of Armada Oil, commented: “This business combination is a major milestone for both companies and we are thrilled to use it as a stepping stone to building a balanced exploration and production company with enough critical mass to efficiently increase stockholder value.”

James J. Cerna, Jr., President of Armada Oil commented: “Mesa’s team shares the same values and commitment to excellence as we do. Together, we believe the new Armada Oil has the ability to take the next major step by listing on an exchange and by continually striving to become an independent oil and gas production leader.”

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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