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KLR Energy Acquisition Extends Deadline for Shareholders in Connection with Vote Tema Oil and Gas Merger
Thursday 20 April 2017

20 April 2017 - US-based purpose acquisition company KLR Energy Acquisition Corp. (NASDAQ: KLRE) will extend the deadline for public shareholders to exercise their redemption rights in connection with its previously reported special meeting of stockholders to approve its business combination with US-based exploration and production company Tema Oil and Gas Company,

The meeting has been scheduled for 26 April 2017, as was reported eariier this week. Public shareholders will be required to submit their request for redemption 25 April 2017.

Stockholders of record as of the close of business on 28 March 2017 will be entitled to notice of, and to vote at, the special meeting and any adjournments or postponements thereof.

The full special meeting agenda is included in KLRE's definitive proxy statement, which was mailed to stockholders of record on or about 12 April 2017.

Last December, KLR Energy Acquisition and Tema Oil and Gas agreed to combine to form Rosehill Resources, a pure-play Delaware Basin company.

The anticipated pro forma enterprise value of the combined company is approximately USD 445m, implying a projected adjusted EBITDA multiple of 9.8x and 5.8x for calendar 2017 and 2018, respectively, and post-closing equity and preferred capitalisation of USD 507m at $10.40 per share (the foregoing assuming no stockholder redemptions).

Rosehill Resources expects to have USD 117m of projected liquidity to fund its development plan.

KLRE is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses or entities.

The company is sponsored by KLR Energy Sponsor, LLC, an affiliate of KLR Group Holdings, LLC and KLR Group.

Tema is a privately held, exploration and production company with producing assets in Texas and New Mexico.

Current investment activity is focused in the Permian Basin and other high-potential proven basins. Tema's strategy for growth is building a portfolio of high-quality acreage in proven resource play basins to provide a foundation of predictable production growth.

Through active acquisition, exploitation and exploration across portions of Texas and New Mexico, the staff at Tema has continued the growth and success of the company since its formation in 1999.

Tema is a wholly owned subsidiary of Baltimore, Maryland-based Rosemore, Inc., founded by descendants of Louis Blaustein, the 1910 founder of the American Oil Co.
Details
Date Published: 20/04/2017
Target: Tema Oil and Gas Co
Country: USA
Deal Size: 445m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor:
Buyer: KLR Energy Acquisition
Comment:


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