www.newswire.ca/en/story/1152465/...o-kulczyk-oil-ventures-inc
Winstar's Chairman, Bruce Libin, comments: "After evaluating Winstar's strategic alternatives over the last months, including a thorough consideration of our ability to create shareholder value as an independent entity, the Board concluded the proposed transaction with KOV is in the best interests of shareholders. We believe KOV's business plan, highly experienced management team and proven track record of identifying and delivering value in upstream oil and gas assets when applied to the combination of KOV's and Winstar's assets provides significant potential to enhance shareholder value. The merged company will have a very attractive diversified portfolio. I look forward to being a shareholder and director of the new KOV."
KOV's President and CEO, Tim Elliott, comments: "The combination of Winstar's and KOV's assets will result in a company with 2P reserves in excess of 20 million boe and production of approximately 4,760 barrels of oil equivalent per day ("boe/d") with a clear path to materially increasing production in the near term. The acquisition will also allow KOV to leverage its proven operational expertise to rapidly, and materially, increase production, reserves and cash flow from Winstar's Tunisian assets for the benefit of both companies' shareholders. We thank everyone involved in this transaction and are looking forward to working with Winstar's staff going forward"
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