Blaze Energy Corp. (OTCPK: BLZE) completed its first phase of reorganization since the sale of its working interest in the Fayetteville shale field to Petrohawk Energy Corp.
In June 2007, the company acquired EESV Fayetteville Inc. from Environmental Energy Services Inc. (OTC: EESV) in exchange for 70 million shares of Blaze common stock. EESV owned a working interest in 10,900 net acres in the Fayetteville shale field in the Arkoma Basin, Ark. By virtue of the transaction, Blaze became the majority owned subsidiary of EESV.
During an aggressive two years of natural gas production in the field, Blaze sold its working interest to a subsidiary of Petrohawk for gross proceeds of some US $19 million. Petrohawk subsequently was acquired by BHP Billitton Ltd. (NYSE: BHP). At the time of sale of the company's remaining interest, EESV was indebted to Blaze in excess of US $2.5 million and owned some 70 million shares of common stock or 76% of the company.
Effective today, Blaze has settled with its majority shareholder, EESV, and exchanged EESV Fayetteville Inc. and the associated notes outstanding, for and in consideration of EESV's 76% stake in the company, a transaction valued at US $.035 per share. Additionally, as part of the reorganization, Blaze entered into the following agreements:
• All remaining officers, directors, employees, and consultants of the company except for one, A. Leon Blaser, have resigned and released the company;
• EESV agreed to assume liabilities of the company in amounts totaling US $30,730;
• A release of a pledge by EESV of 15 million shares of the company's common stock; and
• The cancellation of the company's previous lease for its corporate offices.
Blaze Energy Corp. is an independent energy company engaged in the acquisition, development, production, and exploration of oil and natural gas properties located onshore in the US. The company is based in Boise, Idaho.
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