Monday, Dallas, Texas - based Hicks Acquisition Co. I Inc. (TOH) and privately held oil and gas company Resolute Natural Resources Co. announced a definitive agreement to merge in a $582 million transaction. The boards of directors of both Hicks Acquisition and Resolute have approved the proposed transaction.
The combined enterprise will be renamed Resolute Energy Corp. and will apply for listing on the New York Stock Exchange. The completion of the transaction is expected in the third quarter, subject to expiration or early termination of any applicable Hart-Scott-Rodino waiting period and the approval by Hicks Acquisition's stockholders.
As per the agreement, the management of Resolute and NGP will contribute equity ownership and will receive 9.2 million Resolute common shares, representing approx. 18% of the pro forma outstanding shares, in addition to 1.4 million earnout shares and 6.9 million warrants. After completion of the transaction Hicks Acquisition stockholders, together with its founder Thomas Hicks, will beneficially own approximately 82% of the common shares of Resolute outstanding. Also, all of the outstanding shares of common stock of Hicks Acquisition will be converted into shares of Resolute.
Resolute's principal assets are a tertiary oil project in southeast Utah and a conventional gas field in the Powder River Basin of Wyoming. Resolute has proved reserves of 49.3 million barrels of oil equivalent based on year end SEC case engineering and a proved reserves to production ratio of 18 years at year-end 2008. In the first quarter of 2009 Resolute produced, on average, 7,626 barrels of oil equivalent per day net to its interest. Approximately 85% of Resolute's first quarter revenue was from oil sales.
Nicholas Sutton, chairman and chief executive officer of Resolute, who will continue to lead the company as chief executive officer of the combined entity, said, "Our operations are strategically located on properties with large, well identified quantities of oil in place, and through proven techniques such as CO2 injection and waterflooding we believe we have the opportunity to significantly increase oil production on a short-term as well as a long-term basis."
TOH is trading at $9.69, up $0.02 or 0.21%, on a volume of about 522 thousand shares.
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