Pantheon Resources has signed an agreement with Kaiser Francis and associated limited partners (KF) to acquire the 66.6% ownership held by Pantheon in Vision Gas and Vision Resources (Vision).
Under the terms of the agreement, Pantheon will also acquire KF’s 33.3% working interest in the VOS#1 well and associated Tyler County acreage.
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Vision Gas owns certain physical assets and its intellectual property comprising, inter alia, seismic, well logs, and production histories.
Pantheon Resources CEO Jay Cheatham said: “The KF transaction is an important step in assuming control and management of the Vision entities. Importantly, it paves the way for Pantheon to assume operatorship and decision-making responsibility for our East Texas assets into the future.”
With the acquisition, Pantheon will assume management control of the Vision entities and will issue its 3.5 million new fully paid ordinary shares (New Ordinary Shares) to KF as consideration.
These shares are subject to a lock-up for a three-month period.
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By GlobalDataVision reported net assets with a book value of $3.8m as at 30 June 2018. Revenues for the year ended 31 Dec 2017 stood at $200,000.
Pantheon is continuing talks with the estate of Bobby Gray to acquire the remaining interest in Vision and increase its working interest to 100%.
The company’s acquisition is subject to the admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with Rule 6 of the AIM Rules, expected on 17 January.
