Salt Lake City-based oil and gas exploration firm Richfield Oil & Gas Company announced Nov. 24 its stockholders approved the merger agreement between it and Stratex Oil and Gas Holdings, Inc. Stratex focuses on acquiring and developing crude oil in mainly Texas and Kansas, and currently owns 41 oil and gas wells.
According to Richfield's press release, there were 33,652,087 votes for the merger, 928,856 against and 10,050 voters abstained. Since the merger passed, Richfield will become a wholly owned subsidiary of Stratex as long as all closing conditions are fulfilled. Stockholders of Richfield will receive Stratex common stock to complete the acquisition.
The companies publicized their intentions to merge in spring 2014 after entering into a merger agreement. Under the contract, Richfield was to receive a premerger advance of up to $3 million. Two-thirds of this sum was to go toward developing Richfield's oil and natural gas properties in Kansas. Additionally, Stratex purchased an undivided 3 percent working interest in Richfield's Liberty #1 well and 447 mineral acre leases located in Juab County, Utah.