WW Oil & Gas Inc. Shareholders Vote in Favour of Paco Oil & Gas Inc. Takeover
WW Oil & Gas Inc. have tabulated the returned voting forms regarding the takeover offer from Texas based Paco Oil & Gas Inc. The deadline to return share certificates and vote on the offer expired October 31, 2008. The majority of WW Oil & Gas Inc. shareholders have voted in favor of the Paco takeover offer. Paco Oil & Gas Inc. has informed company president Joseph Anthony Smith that they have commenced the takeover procedures effective immediately. WW Oil & Gas shareholders of record will receive 1 (one) Paco Oil & Gas Inc. share for every 1 (one) WW Oil & Gas Inc share held. The new shares will carry a 6 month restriction from date of issue. Paco will begin issuing the new certificates to shareholders who have already returned their certificates. WW Oil & Gas certificates that are not surrendered to the transfer agent by January 31, 2009 will automatically be cancelled and a new Paco certificate will be issued with the 6 month restriction beginning from that date of issue. “We believe shareholders have voted in an intelligent manner and feel the decision to accept the offer is in the best interests of all parties,” stated company president, Joseph Anthony Smith of WW Oil & Gas Inc.
WW Oil & Gas Inc. is a holding company established in 2005 was created to acquire oil and gas service companies as well as oil and gas-related assets. Such acquisitions are for the purposes of development, exploration, and exploitation. The company currently has exploitation projects in Texas, Utah, Oklahoma and New Mexico. Comprehensive drill programs are being developed for full exploitation of these projects.