Tengasco Inc. has merged with Riley Exploration – Permian LLC. The merger was previously approved by Tengasco stockholders at a special meeting held on February 25. In connection with the merger, Tengasco has changed its name to Riley Exploration Permian Inc.
The combined company will commence trading under the symbol “REPX” on the New York Stock Exchange. Concurrently with the closing, Tengasco conducted a 1-for-12 reverse stock split, resulting in a reduction of outstanding shares of the Combined Company to approximately 17.8 million shares of common stock (after giving effect to both the reverse stock split and the merger).
The executive officers of the combined company will be: Bobby D. Riley as CEO, Kevin Riley as president, Michael J. Rugen as chief financial officer.
Bobby D. Riley commented, “We are happy to have completed the merger of these two companies, which positions the stockholders of the combined company to benefit from the continued growth and development of the San Andres within the Northwest Shelf of the Permian Basin and future areas of interest. This merger will give the combined company financial strength and flexibility, highlighted by low leverage and basin relative low-cost development, as well as a business plan capable of delivering sustainable free cash flow to return significant capital to stockholders.”