Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Petron Energy Backs Out of Bakken Shale Deal
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Petron Energy II Inc. has opted out of a recent Bakken Shale transaction with Phoenix Energy Inc.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, "Regrettably, we are opting out of the Bakken Shale acquisition because the 5% interest presented for sale by Phoenix Energy, Inc. was not accurate. Based upon our due diligence, we discovered that Phoenix owns far less than the 5% interest that was offered. This discrepancy made closing the transaction uneconomical for Petron II.
"The discrepancy came to our attention during our due diligence phase. Subsequently, we contacted Phoenix Energy, Inc. and requested verification of the 5% interest in the Bakken Shale they offered. Unfortunately, Phoenix was not able to provide verification of ownership of the 5% interest to the satisfaction of the Company."
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