Toronto, ON (GLOBE NEWSWIRE) - via NEWMEDIAWIRE - Atlantic Wind & Solar Inc. (OTC: “AWSL”) is pleased to announce that a merger with Watson Energy Investments, LLC has been concluded.
The announcement of the merger between Atlantic and Watson follows several months of negotiations and redirects Atlantic’s business model to the rapidly growing American drive for oil and gas energy independence.
With this merger of the two companies and redirecting of its business model, Watson brings a seasoned management team with decades of experience in the oil and gas business. In addition to its seasoned management team, Watson brings a wealth of deep domain experience in geology, geophysics, engineering and operations with affiliated companies.
Watson is a Texas oil and gas Operator, bonded with the Texas Railroad Commission, currently operating 50 oil and gas wells in the Bigfoot Field (formerly discovered and developed by Shell Oil) and located approximately 35 miles south of San Antonio, Texas comprising approximately 7,200 acres. Watson has negotiated with the principles of the Bigfoot Field to selectively develop the remaining proved locations (over 135 locations) in the field which has proven oil in place in excess of two hundred million barrels. Further development of this field is expected to begin in the first quarter of 2019.
As of this writing Watson has a Letter of Intent to purchase Abraxas Petroleum’s South Texas oil and gas assets for Fourteen million dollars ($14,000,000). These assets produce a gross cash flow of over nine hundred thousand dollars ($900,000) gross and over five hundred fifty thousand dollars (550,000) net per month from twenty six (26) wells on over thirteen thousand (13,000) acres. Watson expects closing on the transaction on or about December 31, 2018 subject to completing acceptable due diligence and funding.
In addition, Watson has an agreement to acquire two producing oil and gas leases making an average of nine (9) barrels of oil per day. These leases comprise over three hundred and sixty (360) acres located in Zavala and Atascosa County, Texas some fifty miles south and west of San Antonio, Texas. These leases have two shut in wells that for a small rework, should add an additional six (6) barrels of oil per day. These leases also have multiple proved undeveloped drilling locations for further low risk development. Watson management expects to close on this acquisition in December 2018.
Watson brings to Atlantic a partnership with USR Drilling of Houston, Texas (usrdrilling.com) to acquire and develop oil and gas properties in the United States. The relationship between Watson and USR management dates back to the 1980’s with the development of the patented Short Radius Rotary Steerable Horizontal Drilling System. USR Drilling is unique in the industry in that it can re-enter small diameter casing and drill a curve to horizontal in as little as forty feet, then drill out several hundred to thousands of feet. In addition to the short radius capability, USR has the ability to drill longer radius curves, longer laterals, using steering and measurement tools. The USR partnership brings to Watson a huge advantage, in not only acquiring and developing properties, but also in the technical expertise to evaluate, develop, and operate with seasoned professionals in a wide range of disciplines.
Commenting on the news, James W. McCabe, Atlantic Wind & Solar’s President & CEO, stated, “Watson’s management believes that having better access to capital markets through becoming a public company would lead to exponential growth through acquisition and development of quality oil and gas assets. Therefore, we believe there will be tremendous advantages to a cooperation of our two companies and principals with this merger.”
The Company trades under the symbol “AWSL.”
The “Share for Share Exchange and plan of re-organization” will result in Atlantic issuing 200 million Restricted common shares to the shareholders of Watson in exchange for 100% of Watson. Shares issued will be issued under appropriate exemption from registration and will contain substantial resale restrictions.
The management of Watson have also entered into an agreement to acquire 90% of the outstanding Atlantic Preferred shares.
Settlement of Litigation
Management is also pleased to announce that on November 6th a settlement was reached with its former Investment Relations director to dismiss the ongoing action in Ontario.
Filings on OTC Markets
Management is pleased to report that it has filed all the required quarterly, annual and other periodic filings required with the OTC markets group and expects to be upgraded from “Limited” to “Current”.
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth within this website and these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. Nothing within this site is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.
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SOURCE: Atlantic Wind & Solar Inc.