Under the agreement, Pure will transfer all of its assets to Pure Energy in exchange for the assumption by Pure Energy of all of the liabilities of Pure.
Pure Energy will then merge with Doral Acquisition Corp, a wholly owned subsidiary of Doral Incorporated solely for the purpose of completing this transaction.
Upon completion of the merger of Pure Energy and Doral Acquisition Corp, all of the outstanding shares of Pure Energy’s common stock will be converted into shares of Doral’s common stock.
The current assets of Pure consist of approximately 865,000 non-operated gross acres (294,000 net) located in the state of New Mexico.
