Pescod Late Edition Extract from this evening's issue. GLTA
PINECREST ENERGY (V-PRY) $1.81 -0.06
SPARTAN OIL CORP. (T-STO) $4.83 -0.29
Also a sign of the times is becoming creative financings
by companies that do not want to dilute their shares with
financings at 52 week lows. We saw it recently between
Riverstone Resources and Blue Gold which did it for an
influx of cash and solid management additions.
Yesterday we just featured Pinecrest Energy & today, Pinecrest
announces they and Spartan Oil have merged to form
what they believe is now a premier light oil weighted entity
that will provide shareholders with a sustainable model of
i n c o m e a n d p r o d u c t i o n g r o w t h .
The Combined Company will have an enterprise value
approaching $1 billion and an attractive suite of high netback
light oil projects. Subject to approval, Pinecrest's
Board has approved an initial annualized dividend of
$0.155 per share. Based on Pinecrest's closing share price
on November 20, 2012 of $1.87, the dividend translates to
an 8.3 percent yield.