By the OGJ Online Staff
HOUSTON, Jan. 17 -- Wyoming Oil & Minerals Inc., Casper, Wyo., has agreed to acquire New Frontier Energy Inc., a Rocky Mountain oil and gas exploration and development company.
New Frontier will exchange all its common shares for shares of Wyoming Oil on a 1:1 basis, representing 91% of the common shares of Wyoming Oil. New Frontier will become a wholly owned subsidiary of Wyoming Oil.
The deal is subject to New Frontier shareholder approval and other conditions, but is expected to close by Feb. 6.
New Frontier's primary focus area is the Coal Bank Draw and Slater Dome prospects in Moffatt County, Colo., and Carbon County, Wyo. The company owns a 33% working interest in 15,326 gross acres in the area with Phillips Petroleum Co. as operator.
Wyoming Oil & Minerals is an exploration and production company. It terminated a letter of intent with Force 10 Trading Inc. Sept. 26.
