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Rockdale Resources to acquire working interest in a Historical Oklahoma oil field


Published Apr 27, 2015
Rockdale Resources Corporation-2

Rockdale Resources Corporation has signed a Letter of Intent (LOI) with Houston based SUDS Properties, LLC (SPL), whereby Rockdale will acquire up to a 50% undivided Working Interest (WI) in the historic 2,600 acre Slick Unit Dutcher Sands field (SUDS), located in Creek County, Oklahoma, in exchange for up to 70% of the issued and outstanding shares of Rockdale, on a fully diluted basis. The final percentages will be determined by the total 1P reserves (proved reserves of oil) as of December 31st, 2014, detailed on the reserve reports currently being updated by independent licensed reserve engineers, for both SPL and Rockdale.

Both parties have agreed to enter into a Definitive Purchase Agreement (DPA) upon completion of the updated qualified reserve report and use their best efforts to close the transaction on or before May 31st, 2015 (Closing). The Closing contemplated by the LOI is conditioned on the parties negotiating the specific terms of the DPA based on the qualified reserve reports, an independent fairness opinion, and Rockdale's shareholders voting to approve the transaction.

Tags: Rockdale Resources Corporation




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