McFarland Energy Plans to Merge With Carl Oil & Gas

McFarland Energy Inc. of Santa Fe Springs, Calif., has announced an agreement in principle to acquire the business and properties of Carl Oil & Gas, a private exploration and production company headquartered in Corpus Christi, Tex.

The agreement calls for the issuance of 800,000 shares of McFarland common stock and $5,250,000 in cash and convertible notes, and is subject to approval by McFarland’s board of directors and the execution of definitive agreements.

Carl Oil & Gas holds interests in a number of oil and gas properties in Texas and Louisiana as well as exploratory sites on the coast of the Gulf of Mexico. After the merger, Carl will continue its exploration and production activities as a wholly owned subsidiary of McFarland Energy.

McFarland Energy is an independent oil and gas exploration and production company.