As a result of the merger, Black Pearl Energy will become a wholly owned subsidiary of Bonanza Oil & Gas, with the wholly owned subsidiary being the surviving entity.
Black Pearl’s assets consist of rights to two properties in west Texas. The first is Bourland Field in Ector County and the second is the Good North Prospect in the Borden and Howard counties.
Bill Wiseman, president and CEO of Bonanza Oil & Gas, said: The company is very excited about these properties because they exactly fit our strategic plan including production acquisition, increased planned unit development value and continuous drilling for reserves, which we believe will add value for our stockholders.
