Oil and natural gas company Pacific Energy Development Corp (PEDCO) has entered an agreement to merge with a wholly owned subsidiary of US-based Blast Energy Services.
The company will remain as the surviving firm and wholly owned unit of Blast Energy, which will change its name to PEDEVCO Corp.
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The properties of PEDCO include interests and operatorship of 7,450 net acres in the Niobrara shale formation in the US state of Colorado. The company is also under a binding contract to buy an 8% working interest in producing oil and gas leases in McMullen County, in the US state of Texas. These leases cover 1,650 net acres in the Leighton Eagle Ford shale formation.
Blast Energy will convert all of its existing preferred stock into common stock and consummate a reverse stock split that will result in no more than 2.4 million shares of its common stock remaining issued and outstanding on a fully diluted basis prior to the effective date of the merger.
PEDCO stockholders will get one share of Blast Energy’s common stock or Series A preferred stock for each share of PEDCO’s common stock or Series A preferred stock, respectively. PEDCO stockholders will receive up to 95% of the issued and outstanding capital stock of Blast Energy.
PEDCO CEO and president Frank Ingriselli said the planned merger represents a significant step in PEDCO’s accelerated growth plan for this year.
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By GlobalData
