Exobox Technologies acquires 16 oil and gas wells in Ohio

Wed. October 28, 2009; Posted: 05:05 AM

Oct 28, 2009 (Datamonitor via COMTEX) -- EXBX | Quote | Chart | News | PowerRating -- Exobox Technologies has acquired 16 income producing oil and gas wells located in Ohio that produce from the Clinton and Marcellus Shale formations from a private oil and gas company. These oil and gas wells have a represented PV10 reserve value of approximately $22.5 million.

In conjunction with the purchase of the assets, the company has formed EXBX Energy, a Texas corporation. This company will be a wholly owned subsidiary of Exobox Technologies and will be used to manage and operate the assets, as well as evaluate future acquisitions.

The assets were purchased for $13.25 million, which includes the assumption of existing debt of approximately $3 million, a five-year, 7.5% convertible note in the amount of $1.5 million and convertible into common stock at $0.21 per share, 1.16 million shares of newly designated Series E Convertible Preferred Stock with a stated value of $11.63 million, which is convertible into common stock at $0.477 per share and pays cumulative annual dividends of 7.5%, and three million shares of restricted common stock.

As part of the consummation of the purchase of the assets, Scott Copeland, Richard Evans and Kevin Regan have resigned from the board of directors of the company.

The company has said that Michael Studdard will remain on the board and has been appointed interim-chairman of the board and interim CEO. Furthermore, Mr Regan has resigned as president and CEO and interim CFO of the company.

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