Exterra Energy Inc. Updates Acquisition Status
Exterra Energy, Inc.'s CEO, Todd Royal, said, "Exterra is committed to this project and the opportunity it represents for our shareholders. I look forward to sharing more information with you about this acquisition once we receive final documentation from our attorneys."
Exterra Energy, Inc. Signs Letter of Intent to Acquire a Significant Interest in a Major Oil Field in the State of Texas
Todd Royal, CEO commented, "This acquisition is the type of anchor project that Exterra has been looking to acquire for the past twelve months. It is anticipated that we will be able to use our current existing line of credit to close this acquisition."
Mr. Royal commented further, "a major goal of management is to increase shareholder value. This acquisition validates the beginning of such a goal."
Exterra Energy, Inc. Announces Todd R. Royal as Company's New Chief Executive Officer and President
Todd R. Royal was elected Director and Vice President of I.G.E., Inc. (an oil & gas company), in 1990. Mr. Royal served as an officer with I.G.E. for 10 years until their reverse merger with Life Partners Holdings, Inc. Mr. Royal assisted Robert Royal and the CEO of LPI in developing a successful model for the new company that is currently known as Life Partners Holdings, Inc. LPHI is currently trading on the NASDAQ Global Market, with a market cap of approximately $340,000,000.00.
Mr. Royal helped establish ROYALCO Oil & Gas Corporation in 1995. He served as an Officer and Director from 1995 until 2009. ROYALCO Oil & Gas Corporation, whose stock is 50% owned by Todd R. Royal, exchanged the majority of its assets to Exterra Energy, Inc., in March and April of 2009 for approximately 90% of the Common Stock of Exterra Energy, Inc.
Mr. Royal has also worked with start-up companies from 1997 until 2007, while carrying out his duties of President of ROYALCO Oil & Gas Corporation. He was instrumental in helping three startup companies take their companies public.
Mr. Royal is a 1994 Texas Tech University Graduate with a Bachelor of Science degree.
Mr. Todd Royal commented, "With over fifty years of combined experience in the oil & gas industry, Robert and I have laid the foundation for Exterra Energy in becoming a highly successful oil and gas company with interests in the Permian Basin and Barnett Shale areas of Texas."
Commenting further, Mr. Todd Royal, said, "Now that The Company has a solid foundation, it is time to build upon that foundation and increase our interests in the Permian Basin and Barnett Shale areas of Texas. In doing so, The company will increase shareholder value which is management's main focus."