US Energy, an oil and gas property developer, has announced that the shareholders of Crested Corporation voted in favor of the agreement and plan to merge Crested into US Energy. The merger was completed on November 27, 2007.
Crested has been merged into US Energy (USEG) pursuant to Colorado and Wyoming law. As a result, Crested has ceased to exist and all of its outstanding shares have been converted into the right to receive USEG shares, and it will terminate its obligations to file further information with the SEC, according to the USEG release.
USEG will issue up to 2.88 million shares of common stock to all former shareholders of Crested on an exchange ratio of one share for every two Crested shares.
Keith Larsen, CEO of US Energy, said: The merger of Crested Corp into US Energy presents a significant milestone in the company’s history. Management’s goal is to streamline, simplify and make the company more transparent while building shareholder value.