Permian Resources Corporation has announced the completion of the liquidation of an entity belonging to Earthstone Energy Inc. The latter, a former Houston area company, was an independent oil and gas exploration and production company that acquired, developed, and produced onshore crude oil and natural gas reserves across the country. Permian Resources purchased this entity last year.
According to a news release from Permian Resources, they have fully merged with British Columbia-based Lynden Energy Corp. The liquidation was purely administrative and will not impact the company’s operations. As Permian Resources adheres to the laws of British Columbia, it has applied for a joint order to the British Columbia Securities Commission, as principal regulator, and the Ontario Securities Commission (OSC) to cease being a reporting issuer in Canada.
While awaiting a decision, Permian Resources will continue to file periodic and current reports with the Securities and Exchange Commission (SEC) under American laws and rules of the New York Stock Exchange, according to the news release. The company will remain a reporting entity under the Securities Exchange Act of 1934. Canadian shareholders will continue receiving disclosure material information in accordance with American laws.
The Midland-based independent oil and natural gas company purchases, develops, and improves oil and natural gas properties as per another news release. Shareholders interested in viewing Permian Resources' disclosures to the SEC can do so by visiting the company's profile on the exchange's website.