DeeThree Exploration Ltd. says that its Board of Directors has unanimously approved the reorganization of DeeThree to create two, focused and independent, publicly traded energy companies - one, a sustainable growth-focused light-oil company centered around DeeThree's Belly River development in the Pembina-Brazeau area of Alberta, to be named Boulder Energy Ltd.; and the other a sustainable dividend-and-growth focused oil company centered around DeeThree's Alberta Bakken enhanced oil recovery project in southern Alberta, to be named Granite Oil Corp.

Each of Boulder and Granite will have its own independent management and technical teams and separate Board of Directors.

Under the proposed reorganization, shareholders of DeeThree will receive 0.5 shares of Boulder, and 0.33 shares of Granite for each share of DeeThree held.

Tags: DeeThree Exploration Ltd