VAALCO announces aquisition update
HOUSTON — VAALCO Energy Inc. announced that, in connection with VAALCO’s previously announced acquisition from Sasol Gabon S.A. of Sasol’s 27.8% working interest(1) in the Etame Marin block offshore Gabon, the other joint owners in the Etame Marin block have not exercised their pre-emptive rights.
VAALCO will now move forward with acquiring Sasol’s entire working interest in the field.
In regard to Block DE-8 offshore Gabon, the 60% operated participating interest owner, Perenco, has exercised its preferential rights. As a result, Perenco is acquiring Sasol’s 40% non-operated participating interest(1), releasing VAALCO from the potential obligation to drill an appraisal well.
VAALCO will not be subject to any contingency payments due regarding Block DE-8. The terms of the sale and purchase agreement did not attribute a material value to the undeveloped resource at Block DE-8, as such, the purchase price for Sasol’s 27.8% working interest(1) of $44 million less customary post-effective date adjustments has not changed.
The maximum future contingency payments have been reduced from $6 million to $5 million.
Since VAALCO currently owns and operates a 31.1% working interest(1) in Etame, the transaction will almost double VAALCO’s total production and reserves.
Contango Oil & Gas Co., Mid-Con Energy Partners LP announce merger closing date
FORT WORTH, Texas and TULSA — Contango Oil & Gas Co. and Mid-Con Energy Partners LP announced that the Mid-Con consent process will conclude Jan. 6.
On Dec. 18, the holders of common units representing limited partner interests delivered a written consent (i) adopting and approving in all respects the Merger Agreement and the transactions contemplated, including the Merger and (ii) approving the amendment and restatement of the Mid-Con Energy Partners LP Long-Term Incentive Program.
Contango and Mid-Con expect the closing of the merger to occur Jan. 21, subject to the satisfaction or waiver of the remaining customary conditions to closing.
Pinnacle acquires Trinity Bridge LLC
PASADENA, Texas — Pinnacle announced that it has acquired Houston-based Trinity Bridge LLC.
This comes on the heels of Pinnacle’s announced rebrand and reinvestment into technology and systems to create next generation reliability solutions for the industry.
Lynne Kaley, principal owner of Trinity Bridge, will join Pinnacle as vice president of research and development. She will lead investment into the development of new technology, processes and solutions to advance industrial reliability.
Axele launches QuickBooks integration
DALLAS — Axele LLC announced major upgrades to its transportation management software, Axele, which has been developed specifically for small and midsized carriers in the full truckload industry.
Among the major upgrades to Axele are:
• QuickBooks Integration offers Axele PRO customers the ability to integrate QuickBooks online account with Axele to streamline the customer invoice creation process, speed up invoice data entry and reduce manual entry errors.
• With an Advanced Dispatch Module, carriers can split loads into legs and assign those to separate drivers. Users can create invoice records for each leg to pay drivers while generating one consolidated customer invoice for customers.
• EROADS, 3MD ELD and LB Technology have been added to the list of ELD providers supported for Axele’s Truckload carriers.
• Drivers can benefit from push notifications that are available on Axele’s mobile app. Drivers can receive a notification without having the Axele mobile app open.
• Document scanning is enhanced to support quicker, intelligent scanning with higher resolution images, page edge detection, image rotation, multi-page documents and automatic color/resolution optimization.
Pinnacle Ventures announces investment in SmartAC.com
PASADENA, Texas — Pinnacle Ventures announced its investment in SmartAC.com.
The deal, which marks Pinnacle Ventures’ first investment, will help SmartAC.com expand their service offerings to homeowners and top-level HVAC service providers.
SmartAC.com was originally created to help homeowners and HVAC services providers recognize the full value of air conditioning systems. The platform conducts daily health checks on air conditioning units and leverages specific asset data with machine learning algorithms to predict potential failures and detect system abnormalities before they occur.
Users can easily access their unit’s real-time health information through a smartphone app.
For more information about Pinnacle Ventures or to submit an application, visit pinnaclereliability.com/pinnacle-ventures.
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