Massey Energy Co. (NYSE:MEE) previously reported that they signed a definitive agreement under which Alpha will acquire all outstanding shares of Massey common stock, subject to customary closing conditions including stockholder approval of both companies. Under the terms of the agreement, Massey stockholders will receive, at the closing, 1.025 shares of Alpha common stock and $10.00 in cash for each share of Massey common stock. Based on the closing share price of Alpha common stock as of January 28, 2011, the agreement placed a value of $69.33 per share of Massey common stock (implying $8.5 billion enterprise value for Massey) and represents a 21% premium to Massey’s current share price. Upon completion of the transaction, Alpha and Massey stockholders will own approximately 54% and 46% of the combined company, respectively.
The merger will bring together Alpha’s and Massey’s highly complementary assets, which include more than 110 mines and combined coal reserves of approximately 5 billion tons, including one of the world’s largest and highest-quality metallurgical coal reserve bases. Alpha and Massey believe the new entity will be well positioned to capitalize on strong global demand trends for coal including the metallurgical coal used in the steel manufacturing process. Further, the combination is expected to permit Alpha and Massey to benefit from geographical and asset diversification, including operations and reserves in Central and Northern Appalachia, the Illinois Basin and the Powder River Basin in Wyoming.
For more information please visit http://www.masseyenergyco.com
Proper Power and Energy, Inc. (OTC:PPWE) recently reported the next stage of its Western U.S. operations. The meeting focused on a joint venture for the Central Utah Prospect between the Companies.
The next steps will be circulating a memorandum of understanding followed upon definitive agreements. “We look forward to expedite future discussions of both Companies working together to mutually reach our Utah objectives,” stated Andrew Kacic.
The state of Utah is ranked 13th in the country in crude oil production and 9th in natural gas gross production (Energy Information Administration; rankings based on 2008 production, not including Federal Offshore production areas). There are approximately 9,100 wells currently in production within the state.
In the United States, tar sands resources are primarily concentrated in Eastern Utah, mostly on public lands. The in-place tar sands oil resources in Utah are estimated at 12 to 19 billion barrels.
Proper Power & Energy is an independent exploration and production company. The Company’s operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the company controls over 11,000 acres for its exploratory prospect. Renowned geophysicist and consultant to Proper Power, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil.
For more information about this company please visit http://properpower.com/
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