Credo Petroleum Announces Expiration of "Go-Shop" Period
05 Juillet 2012 - 2:00PM
Credo Petroleum Corporation (Nasdaq:CRED), an oil and gas
exploration and production company with significant assets in the
North Dakota Bakken and Three Forks, Kansas, Nebraska, the Texas
Panhandle and Oklahoma, announced today the expiration of the
30-day "go-shop" period pursuant to the terms of the previously
announced Agreement and Plan of Merger dated as of June 3, 2012, by
and among Credo, Forestar Group Inc. and Longhorn Acquisition Inc.,
a wholly owned subsidiary of Forestar Group Inc. (the "Merger
Agreement").
Under the Merger Agreement, Credo was permitted to initiate,
solicit and encourage alternative acquisition proposals from third
parties until 11:59 p.m. (New York City time) on July 3, 2012.
After a broad solicitation of financial and strategic parties
during such "go-shop" period, Credo did not receive any alternative
acquisition proposals.
Credo expects the transaction to close in the second half of
2012, subject to satisfaction of the closing conditions described
in the Merger Agreement, including approval of Credo's
stockholders.
About Credo
Credo Petroleum Corporation is an independent oil and gas
exploration, development and production company based in Denver,
Colorado. The Company has significant operations in the
Williston Basin of North Dakota, Kansas, Nebraska, the Anadarko
Basin of the Texas Panhandle and northwest Oklahoma, and in
southern Oklahoma. Credo uses advanced technologies to
systematically explore for oil and gas and, through its patented
Calliope Gas Recovery System, to recover additional reserves from
largely depleted gas reservoirs.
Additional Information Regarding This
Transaction
In connection with the proposed transaction, Credo will file
with the Securities and Exchange Commission (the "SEC") a proxy
statement. The definitive proxy statement will be mailed to
stockholders of Credo. Credo urges investors to read the proxy
statement regarding the proposed transaction when it becomes
available because it will contain important information about the
proposed transaction. You may obtain a free copy of the proxy
statement (when available) and other related documents filed by
Credo with the SEC at the SEC's website at www.sec.gov. The
proxy statement (when it is available) may also be obtained for
free by accessing Credo's website at www.credopetroleum.com by
clicking on the link for "Investor Relations", then clicking on the
link for "Proxy Statement".
Participants in This Transaction
Credo and its directors, executive officers and certain other
members of management and employees may be deemed to be
participants in the solicitation of proxies from Credo's
stockholders in connection with the proposed
transaction. Information regarding the persons who may, under
the rules of the SEC, be considered participants in the
solicitation of Credo's stockholders in connection with the
proposed transaction, including the interests of such participants
in the proposed transaction, will be set forth in the proxy
statement when it is filed with the SEC. You can find
information about Credo's executive officers and directors in
Credo's definitive proxy statement filed with the SEC on February
28, 2012.
Forward Looking Statements
This press release includes certain statements that may be
deemed to be "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, including the expected timing of the transaction. All
statements included in this press release, other than statements of
historical facts, address matters that Credo reasonably expects,
believes or anticipates will or may occur in the future. Such
statements are subject to various assumptions, risks and
uncertainties, many of which are beyond the control of
Credo. These risks and uncertainties include, but are not
limited to, the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement; the inability to obtain Credo's stockholder approval or
the failure to satisfy other conditions to completion of the
merger. Investors are cautioned that any such statements are
not guarantees of future performance and that actual results or
developments may differ materially as a result of a variety of
risks and uncertainties, including: the ability to obtain the
approval of the transaction by Credo's stockholders; the timing to
consummate the proposed transaction; and the risk that a condition
to closing of the proposed transaction may not be
satisfied. No assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of Credo. Given
these uncertainties, investors are cautioned not to place undue
reliance on such forward-looking statements. Investors are
encouraged to read the "Forward-Looking Statements" and "Risk
Factors" sections included in Credo's Annual Report on
Form 10-K/A for more information. Although Credo may from
time to time voluntarily update its prior forward looking
statements, it disclaims any commitment to do so except as required
by securities laws.
CONTACT: Michael D. Davis
Chief Operating Officer and CEO (Interim)
or
Alford B. Neely
Chief Financial Officer
303-297-2200
Website: www.credopetroleum.com
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