Black Rock Petroleum Acquires Torrance Petroleum
OTCMKTS-listed Black Rock Petroleum Co. has entered into an agreement to acquire privately-held E&P company Torrance Petroleum Co. The financial terms of the transaction have not been disclosed.
Under the terms of the deal, Black Rock Petroleum will acquire 100% of Torrance in a stock-for-stock exchange, following which Torrance will operate as a wholly-owned subsidiary of Black Rock Petroleum. In addition, Black Rock stated that it has appointed Philip Andrews, an experienced oil & gas executive, as Torrance’s managing director.
Wyoming-registered Torrance is engaged in oil & gas exploration and production activities targeting the Monterey Shale basin in California, and currently owns approximately 520 acres in the Torrance oil field in Los Angeles County. The company’s current development plans include drilling of 10 initial wells to bring the field into production. Mr. Andrews will oversee the permitting and drilling plans of the 520-acre development
Point Roberts, Washington-based Black RockPetroleum is engaged in exploration, development and production operations in the United States, and also acts as a wholesale distributor of oil field equipment.