It has been confirmed that Talos Energy has merged with Stone Energy in all stock transactions that is aimed at creating a premier offshore focused exploration company. Talos board explained that the decision to join was reached unanimously by all directors. The New merge will be under a new name Talos Energy Inc and will begin trading at the New York Stock Exchange under the title TALO.
Some critical details for the combination include; Pro Forma Estimates of 2017 daily average oil production of nearly 47,000 barrel of crude oil. The current discoveries of Tornado II and Rampart which will provide the needed opportunities for growth and expansion of the company. Another highlight includes a long-term strategy for the growth of Zama oil discovered in the Mexican waters.
Under the new agreement, the terms of transaction every share of Stone Energy Corporation will be exchanged for One stock of Talos Energy Inc. This means that all the shareholders of Talos will own a majority stake of 63% of the combined entities. It will also translate that Talos Energy, Inc will have an initial equity market capitalization of $1.9 billion.
The Merge will allow the two companies to combine the necessary experience, talents and technical resources that are vital in accelerating development strategies. The combination also created a double benefit for the Stakeholders who will begin to enjoy high returns in their investments. Together Stone Energy and Talos can now plan to build a great front-runner in the Gulf of Mexico.
Mr. James M. Trimble who is also Stone’s Energy Interim CEO and President expressed that the success and achievement that the company has experienced is attributed to all employees. In a statement, he thanked the focus and dedicated employees of Stone for positioning the company in the competitive and profitable state. He also urged all workers to embrace teamwork with the new partners to ensure that both companies build a prosperous future. Talos Energy CEO will with doubt become the new Chief Executive Officer of the new merge. Therefore, the combined Board of directors from both companies will have a maximum of 10members; four fetched from Stone and six from Talos.
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The Unbelievable Tale of Talos Energy and Stone Energy Merger
Natural calamities don’t choose where to hit or the people who should be affected. The Hurricane Harvey is one of the disparaging disasters to hit Texas. Among the many affected residents was Tim Duncan the Chief Executive Officer and president of Talos Energy. Tim who resided at Kingwood, Texas, and North of Houston at the time endured the effects of the disaster in the unruliest way. Besides homes being destroyed and all streets impassable, Tim had to hoist his wife, Christy and their young son and dogs to the FEMA rescue boat.
Besides having to rescue his family and pets, Tim Duncan had also to change the course of his investment fate. Before the disaster, he had been organizing a $2.5 merger of his privately held company with Stone Energy Company, which was bankrupt and publicly traded. This was a great business move to make as his company would become a public entity and change its investment strategy.
While figuring out how to rescue his family and ensure they were safe, he also couldn’t let the floods be a pretext for a failed merger. Tim Duncan sought refuge to Alabama via a private plane together with his family. He returned to Texas and camped at his parent’s home and where he negotiated the deal. It is a merger that will rank Talos Energy among the best in energy sector.
Once the deal will be completed and the merger enacted, Talos Energy will take over Stone’s Energy. Tim Dancun will oversee the smooth running of an oil company with a yearly revenue of $900 million. The most rewarding asset that Talos will get from the merger is the Pompano initiative that was acquired from BP for $200 million. Tim will spearhead the company into new prospects and more so new drilling undertakings.
About Talos Energy
Talos Energy was founded in 2012 by Timothy S. Dancun, John Parker, and John Harrison and Stephen Heitzman. It is a technically compelled as well as an independent gas and oil production exploration company. Talos looks forward to exploring and optimizing deep water assets it anticipates to get from its merger with Stone energy. Talos is going to use advanced techniques and technologies to explore, exploit and optimize these assets and provide its large clientele base with quality services and products.
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