HNR Acquisition in an 8-K filing said it entered into a membership interest purchase agreement with Pogo Resources. Dallas-based Pogo acquires, develops and exploits oil and gas assets in Texas' Permian Basin.
The purchase price is $100 million in cash (of which $15 million may be in a promissory note), plus $20 million in stock, according to the filing.
HNR also noted it had secured stockholder support agreements with investor who agreed not to redeem shares in connection with the proposed merger, however, the number of shares subject to support agreements was not disclosed.
The SPAC holds just shy of $90 million in trust.
With offices in Dallas, TX and Hobbs, NM, Pogo's management comprises industry experts with many decades of operational experience at both major oil and gas companies and smaller, entrepreneurial ventures, according to the company website. Read more.