Companies merged, gaining W.TX Permian Basin assets.
Alternate Energy Corp., Burlington, Ontario, (OTCBB: ARGY) and Treaty Petroleum Inc., Abilene, have merged. The new company will be named Treaty Energy Corp. As part of the deal, 369.5 million shares of Alternate common stock were reverse split to 46 million shares, with Treaty shareholders being issued 414 million shares of common stock, or 90% of the issued and outstanding stock of Alternate. According to a jointly issued press release, "Treaty acquires and develops properties, many of which have 'proven but undeveloped reserves' at the time of acquisition that are economically interesting to Treaty, but not strategic to exploration-oriented oil and gas companies. This strategy provides Treaty with the assets to develop and produce without the risk, cost and time involved in traditional exploration." Treaty operates in the West Texas Permian Basin. Alternate delivers fuel, power and chemical solutions to consumer, commercial and government markets.