Orion Petroleum and Petrel Energy recently executed a binding transaction agreement to merge. Petrel is a private upstream company. Orion will acquire Petrel for 115.1 million shares going to the current stakeholders in Petrel.
The groups first project will focus on the Barnett Shale region of Texas.
The Barnett Shale is a geological formation located in the Bend Arch-Fort Worth Basin. It consists of sedimentary rocks in Texas. The formation underlies approximately 5,000 mi and at least 17 counties.