Kentex Petroleum plans merger with Northern Oil
Salt Lake-based Kentex Petroleum Inc. announced Wednesday that its Nevada-based subsidiary Kentex Acquisition Corp. will merge with Northern Oil and Gas Inc., a Nevada gas and oil exploration and development company.
Northern Oil and Gas will be the surviving corporation and become a wholly owned subsidiary of Kentex Petroleum Inc.
Financial terms of the deal were not disclosed but will be filed at a future date with the U.S. Securities and Exchange Commission. The closing was subject to Northern Oil and Gas raising minimum gross proceeds of $2.1 million, which has been satisfied, according to a statement by Kentex.
