Big Sky Petroleum Corp. (OTC: BGKYF; TSXV: BSP) is restructuring its share capital and management with a view to ensuring the company's continued viability and the viability of its operations in Texas.
With more companies leasing and drilling nearer to Big Sky's land position in Texas the steps that the board has taken to reduce costs and improve the share structure will allow Big Sky to continue to advance those prospects.
The board of directors of the company resolved to consolidate the issued and outstanding common shares on the basis of one new share for every 10 old shares. The number of currently outstanding common shares is some 60.7 million and the number of common shares outstanding following the proposed consolidation will be some 6.1 million. There will be no name change in conjunction with the consolidation.
As part of the restructuring and operating cost reductions being put in place for Big Sky, Milton Cox has tendered his resignation as both the CEO and director. Sam Nastat, currently president, has been appointed as the CEO and president.
Big Sky is actively in discussions with third party investors and industry participants regarding possible joint venture development programs to finance further wells for the company's 3,000 acre Wolfcamp prospect. Activity in the surrounding areas continues at a brisk pace as more horizontal Wolfcamp wells are being drilled and brought to production. Big Sky currently has spacing for 80 horizontal well completions in the Wolfcamp "A" and "B" sections based on two laterals per well location.
Big Sky Petroleum Corp. engages in the exploration and development of oil and gas properties with U.S. operations in Texas and Montana. The company is based in Vancouver, B.C.
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