Rio Bravo Oil, Inc. (OTCBB: RIOBD.OB) has acquired Pan American Oil Company, LLC in exchange for issuance of 5,500,000 shares of the Company's Series A Convertible Redeemable Preferred Stock and assumption of approximately $3,000,000 of Pan American liabilities.
As a result of the transaction, Pan American became a wholly-owned subsidiary of the Company. The transaction was the first step in the execution of the Company's strategy to acquire interests in the oil and gas industry. As a part of the Pan American transaction, the Company acquired a minimum of 63.5% working interest in the Luling Edwards Fields and an option to purchase a 15% working interest in the Bateman field.
Each interest is subject to a 20% carried interest in favor of a third party. The Company currently has plans to drill two new wells in the Edwards formation within the next six months.
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