Stratex Oil & Gas Holdings Inc. (OTCBB: STTX) and Richfield Oil & Gas Co. (OTCQX: ROIL) , together with Richfield Acquisition Corp. (RAC), a wholly owned subsidiary of Stratex, have entered into a merger agreement, pursuant to which, RAC will merge with and into Richfield, with Richfield becoming a wholly owned subsidiary of Stratex.
Stratex has focused on the acquisition and subsequent organic exploitation and development of primarily operated crude oil properties in Texas, within the prolific Eagle Ford shale play, as well as non-operated working interests in North Dakota, Montana, and Kansas.
Richfield is an independent exploration and production company headquartered in Salt Lake City, Utah, with producing assets in Kansas, and potential high-impact leases in Utah and Wyoming.
For the proposed merger, the board of directors of Stratex and Richfield determined that it is in the best interests of both companies that Alan D. Gaines resign as chairman of the board of directors of Richfield, and immediately begin serving as chairman of the board of directors of Stratex. Gaines entered into a five-year employment agreement with Stratex to serve in such capacity.
Stephen Funk, Stratex' present CEO, will continue to serve in that capacity post-merger. Douglas C. Hewitt Sr., Richfield's present CEO, will continue to serve in that capacity and as interim chairman of the board of directors of Richfield to facilitate the merger. Following the merger, it is anticipated that Hewitt will become a consultant to Stratex, with responsibility to oversee the company's operations in Utah.