By the OGJ Online Staff
HOUSTON, Mar. 5 -- Imperial Petroleum Inc., Evansville, Ind., has assumed management and board control of Warrior Resources Inc., Dallas, after buying enough shares to bring Imperial's stake in Warrior to 35.6%.
Warrior and Imperial also announced a merger agreement providing for Imperial's acquisition of the remaining shares of Warrior through a transaction in which Warrior is to be merged into a subsidiary of Imperial.
Warrior stockholders will receive 1 share of Imperial for each 10 shares of Warrior. Warrior was formerly Comanche Energy Inc.
Imperial Pres. and CEO Jeffrey T. Wilson said, "As a result of our purchase of control of Warrior and the assumption of management control, we expect to eliminate approximately $67,000 per month in overhead expenses presently being incurred by Warrior."
Warrior's oil and gas properties are onshore primarily in Texas, Oklahoma, and Mississippi. Imperial is a diversified oil, natural gas and mining company. Recently, it announced plans to develop and install electrical power generation units in California. Imperial said the power generation business complements its natural gas business.
