Energy Industry
Industry: Email Alert RSS FeedECCO Energy Cancels Plans to Acquire Samurai Corp
Energy Resource, April 14, 2009
ENERGY RESOURCE-14 April 2009-ECCO Energy Cancels Plans to Acquire Samurai Corp.(C)2009 JeraOne - http://www.jeraone.com
Market conditions are cited by ECCO Energy Corp. for canceling a letter of intent to purchase properties from Samurai Corp., including the working interests in the properties previously owned by Lake Fork Resources and the M-J Oil Company, both located in Ohio.
The acquisition was announced Feb. 11.
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"Due to market conditions, we do not feel that the completion of the transaction will be in the best interest of ECCO Energy and its shareholders," said ECCO President Sam Skipper. "Eventually, this acquisition will make an excellent fit in the ECCO inventory of oil and gas producing operations. However, with the current uncertainty in the energy industry, we feel our duties require us to postpone indefinitely this transaction announced."
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