Friday, August 6, 2010, 1:33pm MDT
Colorado energy company moves to Dallas
Denver Business Journal – by Chad Eric Watt Dallas Business Journal
Energy company Sun River Energy Inc. says it has completed its acquisition of oil and gas assets in Tom Green County, named new executives and moved its headquarters to Dallas from Wheat Ridge.
But the development-stage company says it will maintain a regional office in the Denver area.
In financial statements filed in March, Sun River (OTCBB: SNRV) reported $1.1 million in assets, $2 million in liabilities and an accumulated deficit of $8 million.
Company officials said they have signed three-year employment contracts with Donal R. Schmidt Jr. to be its CEO and Thimothy S. Wafford to be COO.
Those two previously operated PC Operating Texas Inc., the company Sun River acquired. Sun River also purchased oil and gas assets from FTP Oil & Gas LP, which Schmidt and Wafford also ran.
Sun River issued $1 million in new Sun River stock and convertible notes to pay for the deal, according to securities filings. The acquisition deal includes about 1,610 net acres of leasehold and well bore interests, as well as two shut-in wells.
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