News

December 09, 2009

Resaca Exploitation Says Its Reverse Takeover Of Fellow US Permian Basin Operator To Be Completed In The First Quarter Of 2010

The latest press release from Resaca Exploitation, the Aim junior with assets in the Permian basin in the US, concerns its merger with Cano Petroleum, another Permian Basin producer.

The proposed union, which is effectively a reverse takeover, is now working its way through the regulatory authorities in the US, namely the Securities and Exchange Commission (SEC). With the finalisation of the SEC registration, shareholders of both Resaca and Cano will vote on the merger. Resaca says its best estimate is the voting will occur some time in the first calendar quarter of 2010. Resaca adds that is in discussion with the NYSE, Amex and NASDAQ OMX regarding obtaining a US listing....