Welcome to our dedicated page for Metawells Oil & Gas news (Ticker: KOSK), a resource for investors and traders seeking the latest updates and insights on Metawells Oil & Gas stock.
Metawells Oil & Gas Inc. (KOSK) generates news that reflects its transition from a vending and vertical farming holding company into the oil and gas sector, along with a series of announced merger and combination initiatives. Under the KOSK ticker on the OTC Pink market, the company has released updates about changing its business model, amending its corporate name in Nevada to Metawells Oil & Gas Inc., and pursuing strategic agreements and acquisitions in energy and fuels.
Recent news highlights include a Letter of Intent between Metawells and Global Oil & Gas Recovery Corp., which focuses on Enhanced Oil Recovery (EOR) techniques for abandoned wells, maturing fields, and previously tapped reserves in the United States and Canada. These announcements describe the potential use of green technology aimed at methane emission mitigation, including a Mobile / Methane Refining Unit (MRU) developed and patented by PEnG to capture wasted methane gas and convert it into usable fuel.
Another major news theme involves a corporate combination agreement with South Plains Petroleum, Inc. Releases detail South Plains’ oil and gas properties in the Eastern Permian Basin of Texas and onshore Louisiana near the Gulf, including producing, proved, and probable reserves, PV10 estimates, and multiple development drill sites. The news also discusses a proposed share exchange ratio, an intended uplist of the combined company to NASDAQ, and a planned name and symbol change to South Plains Petroleum.
Investors following KOSK news can expect coverage of merger developments, financing initiatives such as South Plains’ 10% convertible bond offering, updates on oil and gas property development plans, and further steps in Metawells’ evolution from its historical One Step Vending Corp. activities toward its stated energy and fuels strategy.
Metawells Oil & Gas (KOSK) announces that its merger candidate, South Plains Petroleum, is offering a 10% convertible bond to fund oil property development in Texas and Louisiana. The offering includes 400 bonds at $5,000 each, convertible to 2,500 company shares, available to accredited investors.
The company's main assets include:
- Eastern Permian Basin properties with 2.25-2.5 million barrels of recoverable oil reserves (PV10: $27 million)
- Welch lease with 800,000 estimated recoverable barrels (PV10: $20 million)
- South Abilene field with 400,000 recoverable barrels
- Louisiana properties with 18+ BCF of natural gas and 1.8 million barrels of oil recoverable (PV10: $35+ million)
South Plains' by-laws include a 5% dividend provision when oil exceeds $60 and gas exceeds $3.
Metawells Oil and Gas Inc. (OTC PINK:KOSK) and South Plains Petroleum have announced a merger agreement with unanimous board approval. The deal involves a 1.5:1 share exchange ratio and includes plans to uplist to NASDAQ with a minimum $4.00 share price requirement.
South Plains brings significant assets including:
- Eastern Permian Basin properties with 2.25-2.5 million barrels of recoverable oil (PV10: $27 million)
- Welch lease with 800,000 estimated recoverable barrels (PV10: $20 million)
- Southern Abilene field with 400,000 recoverable barrels (PV10: $10 million)
- Louisiana properties with 18+ BCF of natural gas and 1.8 million barrels of oil (PV10: $35+ million)
Metawells Oil & Gas Inc. (KOSK) announces updates following a recent Letter of Intent with Global Oil and Gas Recovery Corp, expecting an executed agreement soon. The partnership aims to enhance oil recovery techniques using the Green Technology called PENG to revive abandoned wells in the United States. This collaboration tackles environmental issues by converting leaking Methane gas into usable fuel, ultimately benefiting both companies and the environment.
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One Step Vending Corp. (KOSK) announced the execution of its second vertical farm order following its acquisition of 51% in Light Leaf Farms (LLF). This strategic move is expected to enhance revenues for 2022 as LLF manages daily operations of the jointly-owned vertical farms. The new warehouse farm, set to operate by July 2022, is forecasted to generate approximately $522,068 annually, nearly double the output of the previous modular farm. Revenue from co-owned farms will be shared equally between KOSK and LLF, potentially reaching $783,101 yearly.
One Step Vending Corp. (OTC: KOSK) is set to generate revenue in summer 2022 after acquiring a 51% stake in E-Roots Systems, which manufactures vertical farms. The company will market and distribute produce from these farms, partnering with ZA Group, Inc. (OTC: ZAAG). Each vertical farm is projected to yield approximately $413,948.94 annually with a profit margin of about 98.57%. The president, Ronal Minsky, noted significant progress since the acquisition, including a purchase order for one vertical farm and expectations for more orders.
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