Carson City-based oil company striking deal
March 13, 2014
Sierra Nevada Oil, LLC, a Carson City-based company, announced on Tuesday the execution of a call option agreement with Empire Petroleum Corp. of Oklahoma involving 4 million common stock shares.
"Empire has provided us this outstanding opportunity to take effective control of the publicly-traded corporation to combine our lease holdings and future exploration efforts under the Empire banner," said Ed Traub, co-owner of the Carson City limited liability company.
Provided that Sierra Nevada exercises its option and the sale of the shares results in a consummated deal, Empire will appoint designees of Sierra Nevada to fill all seats on Empire's board of directors and all other members of the Empire board will resign, according to a news release.
Empire was founded in 1983 and is based in Tulsa, Okla. It owns interest in the Gabbs Valley prospect, an area of approximately 34,186 acres in Nevada's Nye and Mineral counties. It also has oil and gas lease interests in Wyoming.
Sierra Nevada LLC, established in 2012, is a privately held oil and gas exploration and development company based in Nevada's capital city.