HNR Acquisition filed an investor presentation with the sec highlighting its proposed merger 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.
HNR also has support agreements with an 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.
Source: HNR Acquisition Files Investor Presentation on Pogo Resources Deal