At a time when the political climate in the United States is decidedly pro-oil drilling, it is only natural for investors to keep an eye on the latest developments in the sector. Hence, the developments with regards to Metawells Oil & Gas Inc. (OTC: KOSK) yesterday could be worth looking into this morning ahead of the beginning of trading.
The Announcement
The Chief Executive Officer and Chairman of the company, Ron Minsky, had been in the news after he announced that the management had prepared a draft merger and reorganization plan meant for South Plains Petroleum Inc. The plan was a proposal with regards to the merger of the two companies. The Chairman and Chief Executive Officer of South Plains, Joe D’Amico, had recently been added to the board of directors of Metawells Oil & Gas.
Further Details
It was noted that D’Amico had also set up a committee made up of the independent director of South Plains for the purpose of reviewing the draft. Following that, the committee would potentially work on completing the due diligence pertaining to the proposed transaction. It may be a good time for investors to consider adding Metawells Oil & Gas to their watch lists at this point.
