Petro River Oil Corp. (OTC: PTRC) said Dec. 7 it has entered into an agreement to acquire Horizon I Investments in an all stock deal.
The acquisition will provide Petro River with about $5 million in cash plus a 20% membership interest in Denver-based Horizon Energy Partners LLC. The terms of the transaction wasn't disclosed.
Horizon Energy Partners has a portfolio of domestic and and international assets and is managed by Jonathan Rudney. Rudney has more than 30 years of senior executive experience in the upstream oil and gas industry, the release said.
The assets include two key projects located in the U.K., adjacent to the Wytch Farm oil field. Other assets consist of the redevelopment of a large oil field and the development of a recent discovery in Kern County, Calif.
Stephen Brunner, Petro River president, will serve on the board of managers of Horizon Energy Partners.
Petro said it also launched a reverse split of its common stock in hopes to be listed on the New York Stock Exchange (NYSE).
The New York company has effected a one for 200 reverse split of its issued and outstanding stock. The stock will begin trading on a post-split basis on Dec 7.
Petro River currently has core holdings in the Midcontinent region in Oklahoma.
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