Talos Energy, LLC has recently announced that it will merge with the Stone Energy Corporation. The privately held Talos and the publicly traded Stone Energy Corporation revealed that their board of directors approved of the merger of Talos Energy with the public corporation Stone Energy through an all-stock transaction. The newly merged company will bear the name of Talos Energy, Inc. We expect that the newly merged company will soon have stock on the New York Stock Exchange. The ticker symbol of TALO will be used for trading.
Talos Energy primarily focuses on oil and gas exploration in the United States part of the Gulf of Mexico and also off the coast of Mexico. Talos has experience in exploring locations, acquiring assets, and exploiting and developing deepwater assets. The Stone Energy Corporation is based in Lafayette, Louisiana, and deals in oil and natural gas exploration. It is clear that the merger of these two companies will be a significant benefit to them in their exploration of oil gas and the natural gas and in acquiring production properties in the Gulf of Mexico basin.
Timothy Duncan, the Chief Executive Officer for Talos, has stated that the merging of Talos and Stone is an important step forward to becoming a leading company in the field of offshore exploration and production. The newly merged company will focus on the deepwater exploration in the U.S section of the Gulf of Mexico and the Zama discovery. The Zama oil discovery is located in the shallow waters in the Sureste Basin. The combination of technical resources with educated and experienced employees will help to accelerate new project inventories rapidly. The transaction is essential for both companies as their combined resources will lead to more success in the exploration of oil and gas. Once the merger is complete Talos stakeholders will end up owners of sixty-three percent of the merged company and Stone stakeholders will own thirty-seven percent.
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