Metawells Oil & Gas, Inc. Announces Merger Target South Plains Petroleum, Inc. Offers 10% Convertible Bonds to Fund Texas and Louisiana Well Development
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 & Gas (KOSK) annuncia che il suo candidato alla fusione, South Plains Petroleum, sta offrendo un'obbligazione convertibile al 10% per finanziare lo sviluppo di proprietà petrolifere in Texas e Louisiana. L'offerta include 400 obbligazioni a $5.000 ciascuna, convertibili in 2.500 azioni della società, disponibili per investitori accreditati.
Gli attivi principali dell'azienda includono:
- Proprietà dell'Eastern Permian Basin con 2,25-2,5 milioni di barili di riserve di petrolio recuperabili (PV10: 27 milioni di dollari)
- Contratto Welch con 800.000 barili recuperabili stimati (PV10: 20 milioni di dollari)
- Campo di South Abilene con 400.000 barili recuperabili
- Proprietà in Louisiana con oltre 18 BCF di gas naturale e 1,8 milioni di barili di petrolio recuperabili (PV10: oltre 35 milioni di dollari)
Lo statuto di South Plains include una disposizione di dividendo del 5% quando il petrolio supera i 60 dollari e il gas supera i 3 dollari.
Metawells Oil & Gas (KOSK) anuncia que su candidato a fusión, South Plains Petroleum, está ofreciendo un bono convertible al 10% para financiar el desarrollo de propiedades petroleras en Texas y Louisiana. La oferta incluye 400 bonos a $5,000 cada uno, convertibles en 2,500 acciones de la compañía, disponibles para inversores acreditados.
Los principales activos de la empresa incluyen:
- Propiedades de la Cuenca Permiana Oriental con 2.25-2.5 millones de barriles de reservas de petróleo recuperables (PV10: $27 millones)
- Arrendamiento Welch con 800,000 barriles recuperables estimados (PV10: $20 millones)
- Campo de South Abilene con 400,000 barriles recuperables
- Propiedades en Louisiana con más de 18 BCF de gas natural y 1.8 millones de barriles de petróleo recuperables (PV10: más de $35 millones)
Los estatutos de South Plains incluyen una disposición de dividendo del 5% cuando el petróleo supera los $60 y el gas supera los $3.
메타웰스 오일 & 가스 (KOSK)는 합병 후보인 사우스 플레인스 석유가 텍사스와 루이지애나에서 석유 자산 개발을 위해 10% 전환 사채를 제공한다고 발표했습니다. 이 제안에는 각각 $5,000에 400개의 채권이 포함되어 있으며, 2,500주로 전환할 수 있으며, 인증된 투자자에게 제공됩니다.
회사의 주요 자산은 다음과 같습니다:
- 2.25-2.5 백만 배럴의 회수 가능한 석유 매장량을 가진 동부 퍼미안 분지 자산 (PV10: $2700만)
- 800,000 배럴의 회수 가능한 배럴이 예상되는 웰치 임대 (PV10: $2000만)
- 400,000 배럴의 회수 가능한 배럴을 가진 사우스 아빌린 필드
- 18+ BCF의 천연가스와 180만 배럴의 석유가 회수 가능한 루이지애나 자산 (PV10: $3500만 이상)
사우스 플레인스의 정관에는 석유가 $60를 초과하고 가스가 $3를 초과할 때 5% 배당금 조항이 포함되어 있습니다.
Metawells Oil & Gas (KOSK) annonce que son candidat à la fusion, South Plains Petroleum, propose une obligation convertible à 10 % pour financer le développement de propriétés pétrolières au Texas et en Louisiane. L'offre comprend 400 obligations à 5 000 $ chacune, convertibles en 2 500 actions de la société, disponibles pour les investisseurs accrédités.
Les principaux actifs de l'entreprise comprennent :
- Propriétés de la région de l'Est du Permien avec 2,25 à 2,5 millions de barils de réserves de pétrole récupérables (PV10 : 27 millions de dollars)
- Bail Welch avec 800 000 barils récupérables estimés (PV10 : 20 millions de dollars)
- Champ de South Abilene avec 400 000 barils récupérables
- Propriétés en Louisiane avec plus de 18 BCF de gaz naturel et 1,8 million de barils de pétrole récupérables (PV10 : plus de 35 millions de dollars)
Les statuts de South Plains incluent une disposition de dividende de 5 % lorsque le pétrole dépasse 60 $ et le gaz dépasse 3 $.
Metawells Oil & Gas (KOSK) gibt bekannt, dass sein Fusionskandidat, South Plains Petroleum, eine 10% wandelbare Anleihe anbietet, um die Entwicklung von Ölgrundstücken in Texas und Louisiana zu finanzieren. Das Angebot umfasst 400 Anleihen zu je 5.000 $, die in 2.500 Unternehmensaktien umwandelbar sind und für akkreditierte Investoren verfügbar sind.
Die Hauptvermögen des Unternehmens umfassen:
- Ölreserven im Eastern Permian Basin mit 2,25-2,5 Millionen Barrel (PV10: 27 Millionen $)
- Welch-Pacht mit geschätzten 800.000 rückgewinnbaren Barrel (PV10: 20 Millionen $)
- South Abilene-Feld mit 400.000 rückgewinnbaren Barrel
- Louisiana-Immobilien mit über 18 BCF Erdgas und 1,8 Millionen rückgewinnbaren Barrel Öl (PV10: über 35 Millionen $)
Die Satzung von South Plains enthält eine Dividendenregelung von 5%, wenn der Ölpreis 60 $ und der Gaspreis 3 $ überschreitet.
- Significant proven reserves: 3.3M+ oil barrels in Texas
- Additional 18+ BCF gas and 1.8M oil barrels in Louisiana
- High PV10 value of $82M+ across all properties
- Established dividend policy tied to commodity prices
- 53 development drill sites ready for exploitation
- Requires substantial funding through convertible bonds
- Potential shareholder dilution from bond conversion
- Louisiana wells currently shut in due to high saltwater disposal costs
- Dividend payment conditional on high commodity prices
The convertible bond offering consists of up to 400 bonds with a face amount of
South Plains' by-laws contain an annual dividend provision based on the price of oil over
South Plains has multiple properties in both the Eastern Permian Basin of
The most exciting feature of their main oilfield, centered on the Swenson Ranch north of
On the Company's contiguous
South of
The South Plains Louisiana properties are much deeper and are high pressure wells. Wells the Company owns and some they are targeting contain an estimated 18+ Billion Cubic Feet (BCF) of natural gas and 1.8million barrels of oil recoverable with an estimated PV10 of
About Metawells Oil and Gas Inc.
Metawells Oil & Gas Inc., a development stage company, is pursuing the acquisition and development of domestic US oil and gas resources. The Company will seek opportunities in known productive basins in proven fields with proven reserves.
A combination with South Plains Petroleum, Inc. would accomplish that goal.
Forward Looking Statement
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
View original content:SOURCE Metawells Oil & Gas, Inc.
FAQ
What are the terms of South Plains Petroleum's convertible bond offering through KOSK?
How much oil reserves does KOSK's merger target South Plains Petroleum have in the Eastern Permian Basin?
What is the total PV10 value of South Plains Petroleum's Texas and Louisiana assets?
What is South Plains Petroleum's dividend policy for KOSK shareholders?
How many development drill sites does South Plains Petroleum have across its Texas properties?
