Deal Snapshot
Tengasco Merges with Riley Exploration-Permian in All-Stock Transaction
Friday 23 October 2020

US-based oil and gas company Tengasco Inc. (NYSE American: TGC) has entered into a merger agreement with oil and gas company Riley Exploration Permian, LLC in an all-stock transaction, the company said.

Under the terms of the merger agreement, Tengasco will issue approximately 203m shares of Tengasco common stock to Riley members at the closing of the transaction. Following the closing of the transaction, the current members of Riley will own 95% of Tengasco and the current Tengasco stockholders will own the remaining 5%. In addition, Riley will become a wholly owned subsidiary of Tengasco.

Date Published: 23/10/2020