Source: Exterra Energy
Exterra Energy, Inc., (OTCBB: EENI) reported it is “gaining a partner” with the acquisition of Resonance Energy LLC, a closely held private oil and gas limited liability company headquartered in Florida. Resonance has signed a PSA with SEK Energy LLC, a Kansas LLC, which brings an estimated $1.2 million in current annualized revenues with more than 20,000 developed and developable mineral lease acres with a current proven PV10 value in excess of $25 million.
“Management is excited with this opportunity that we have been working on for the past two years,” said Exterra Chairman Robert Royal. “The acquisition of Resonance brings professionals with many years of field experience in the oil and gas industry to bear and solidify our business plan which has always been to grow with producing assets.” As well as, Wall Street Professionals to advise and guide Exterra’s Management. The consideration is a deferred equal restricted common stock position receivable in 24 months, with no immediate dilution and the right to spin-off prior to 24 months.
Exterra takes particular pride in the addition of Messrs Andy Fish and David Rosenberg, Esq., to their corporate family as newly elected members of their Board of Directors. Andy is the President and CEO of Resonance with extensive experience in oil and gas projects in eight (8) states and three (3) countries over the past decade. David has over a decade of practical experience as an attorney concentrating his practice in the area of corporate and commercial law focusing on general business matters, energy related issues, mergers and acquisitions, corporate finance and real property law, and is a partner in Artemis Capital Group, LLC, a metropolitan New York investment consultant. Andy and David will join Exterra CEO Mr. Todd R. Royal and their Chairman as Directors. Resonance will exist as a subsidiary of Exterra with both managements remaining in tact.