Exterra Energy (OTC:EENI) announced today, in a press release, that it is in the process of negotiating with the hiring of an Investment Banking Firm to assist The Company with its current merger negotiations. As I write, shares of Exterra Energy were down 14 percent at $0.77 per share on light volume. The Company has a market cap of $7.6 million and a 52-week range between $0.35 and $2.45 per share.Robert Royal, Chairman of Exterra, said, “The appropriate Merger Candidate would be a successful Oil and Gas Exploration and Production (E & P) Company with greater Oil and Gas assets, revenues, and earnings. This candidate would also further enhance Exterra with industry management, technical and field Professionals with proven expertise that will enhance shareholder value.”
Mr. Royal commented further, “The planned merger would increase Exterra’s Oil & Gas Assets, revenues and earnings that current Management believes would take Exterra to the next level, and qualify The Company’s intent to list its shares on the NYSE/AMEX Stock Exchange. In addition, management believes that a successful merger with the appropriate merger candidate would qualify Exterra to successfully negotiate with certain Investment Banking Firms, to raise capital, both registered and private placements, which have shown an interest in Exterra in the past.”
Exterra Energy is an emerging oil and gas exploration production company based in Amarillo, Texas, with a Field Office in Parker County, Texas.
For more information, please visit the company’s web site at www.exterraenergyinc.com.
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