BayHill To Acquire Proteus Energy In Reverse Takeover

Transaction Type
Sellers
Buyers
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Post Date
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Description

To acquire co. with assets in Calif. in reverse takeover.

BayHill Capital Corp., Lehi, Utah, (OTCBB: BYHL) plans to acquire all of the outstanding shares of California-based oil company Proteus Energy Corp. in a reverse takeover.

The discounted net present value of Proteus' proved reserves is $32.9 million. Engineering reports also suggest unproved reserves worth $170 million. The company operates in the Northwest Lost Hill property and owns a minority interest in Lynch Canyon Field in Monterey County, Calif.

The resulting company is expected to be called Proteus Energy Corp., and Proteus executives will head the company. BayHill chairman Jim Jensen will continue serving as a board member, while president and chief executive Bob Bench will assume the role of chief financial officer. Proteus chief executive Bennett Yankowitz will continue to lead the new company.

BayHill plans to privately place 900,000 shares of common stock to raise funds for the acquisition costs.

Bench says, "We believe Proteus presents the BayHill shareholders with a considerable value-building opportunity. Proteus brings an excellent base of proven, probable, and possible oil and gas reserves that may be developed into substantial value in the future. We believe that the energy industry offers great future opportunity to build a large and lasting company for our present and future shareholders."