Duma Energy Corp. (OTCQB: DUMA) has signed a definitive stock exchange agreement with Hydrocarb Corp. whereby 100% of all the outstanding stock of Hydrocarb will be acquired by Duma. Duma’s board of directors approved the acquisition, and the agreement was signed Nov. 27 after receiving an independent oil resource estimate for its oil and gas concession in the Owambo Basin adjacent to Angola in northern Namibia.
The merger of the two companies will give the combined entity onshore and offshore oil and gas production in the US, as well as a 5.3 million-acre exploration concession in northern Namibia, ongoing active negotiations with several African countries in the prolific East African Rift play, and a comprehensive oilfield services license approved by the Supreme Petroleum Council of the UAE.
The combined company will be renamed Hydrocarb Energy Corp., with an interim name of Duma Hydrocarb, and will receive a new stock ticker pending approval from the SEC. Form 8-K, including the definitive agreement, was filed with the SEC on Dec. 3.