LAS VEGAS, April 24, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Tiger Oil and Energy, Inc., (TGRO) and privately held Matrix Oil Management Corporation (“Matrix”) jointly announced today the closing and completion of the merger between Tiger Oil and Matrix.
The completion of this strategic transaction creates a high-growth California-focused operating company with an executive team experienced in raising accretive capital and acquiring, operating and developing successful oil and gas projects. The merger transaction was approved by the Matrix and Tiger Oil shareholders on March 16, 2019 and closed after the companies received the consent of Matrix’s lender, Arena Limited SPV, LLC (“Arena”).
Tiger Oil Chief Executive Officer, Howard Bouch, said, “We are extremely pleased to complete this combination of two outstanding companies. Matrix brings to Tiger Oil a highly skilled and experienced technical and operations team and a producing property set with substantial development upside. Our combined years of experience in the industry and our multiyear inventory of growth opportunities position us to achieve significant shareholder value.”
As of December 31, 2018, Matrix had proved reserves of 9.1 million barrels of oil equivalent (“BOE”) (84% oil) with a PV10 value of $58.8 million based on SEC pricing, according to an internal reserve report.
Highlights of Matrix:
* 9.1 million BOE of proved reserves with a PV-10 value of $58.8 million based on SEC pricing, as estimated by Matrix’s internal engineering staff as of December 31, 2017
* 10,036 net acres across 14 fields located primarily in California and West Texas
* Approximately 320 BOE per day of net production for the fourth quarter of 2017
* More than 75 proved undeveloped drilling locations across California and West Texas
* Core management team has more than 195 combined years of technical and operating experience
The merged company will be led by Howard Bouch, Chief Executive Officer.
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