Frontier Oilfield Services, Inc. (OTCMKTS:FOSI) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 of the Current Report on Form 8-K that Frontier filed with the Securities and Exchange Commission (“SEC”) on December 28, 2018 regarding the sale of its current assets and operations of the Company to Galenfeha, Inc.
During our final due diligence, we discover a matter that needs to be resolved before closing. Both parties have agreed to rescind the transaction for now.
Item 2.01.
Completion of Acquisition or Disposition of Assets
Frontier’sSenior Secured creditor, its Board of Directors, and themajorityofFrontier’s shareholders, have agreed to sell its current assets and operations of the Company to Galenfeha, Inc., subject to final terms and conditions.
In consideration for the release of all claims and liabilities against the assets and operations of the Company, Galenfeha, Inc. will issue one share of Preferred Stock for each share of Frontier Oilfield Services, Inc. common stock. The transaction will be effective January 1st, 2019. Frontier will move forward and continue to deleverage its Balance Sheet.
About Frontier Oilfield Services, Inc. (OTCMKTS:FOSI)
Frontier Oilfield Services, Inc. (Frontier) operates its business in the oilfield service industry and is involved in the disposal of saltwater and other oilfield fluids in Texas. The Company owns and operates approximately nine disposal wells in Texas, over six of these disposal wells are located in the Barnett Shale region in north central Texas and approximately three of these wells are located in east Texas near the Louisiana border. The Company’s disposal wells include Trull 1, Trull 2, Trull 3, CSWU, Brunson 1, Brunson 2, Barker-Hope, Riley and Shaw. The Company’s customers include national, integrated, and independent oil and gas exploration companies. Its subsidiaries include Frontier Acquisition I, Inc. and Frontier Income and Growth, LLC.
