PETRO RIVER OIL CORP (OTCBB:PTRC) announced that its subsidiary Petro Spring LLC decided to acquire Havelide GTL LLC. As per the reports, the Petro Spring LLC and Gas Havelide GTL LLC signed an agreement, according to which all the assets of the latter company would now be owned and managed by PTRC and its subsidiary. The acquisition will transfer all the patents, trade secrets, and intellectual property rights of GTL to PTRC.
Insights on The Matter:
Havelide is well-known for its efficiency in converting natural gas into liquid products of very high quality. Some of the main liquid products of this firm are naphtha, hydrogen gas and hydrogen peroxide. After the acquisition, PTRC’s hold on all these products, will help it expand in international markets. It’s the first ever acquisition transaction of Petro Spring.
According to reports, Petro Spring is a technology-focused subsidiary of PETRO RIVER OIL CORP (OTCBB:PTRC), which was formulated to have a substantial impact in the field of technology. The senior management team of PTRC has a few people, who come from technology backgrounds; hence, the board of directors wants to make the best use of their experience and knowledge. Executive Vice Presidents, Daniel Smith and Ruben Alba, have worked for developing various technologies at XTO and Halliburton, so they can share their inputs with GTL as well.
The management of PTRC has clarified that Chief Technology Officer, Dr. Jamie Rector, will provide guidance in the GTL project. Rector comes with an excellent academic record and professional experience. After finishing his Ph.D. in Geophysics from Stanford University, he went on to work as senior management profiles in several companies. Currently, he leads the technology department of PTRC and works as a tenured professor at the University of California-Berkeley. The entire senior management team of the company is excited about this new project and hopes that it would help PETRO RIVER OIL CORP (OTCBB:PTRC) to grow in the technical field in the near future.