|
|
ASPEN
EXPLORATION CORP. |
|
A
Progressive and Successful Oil & Gas Company
|
In 2008, after the president of Aspen suffered a debilitating stroke, the board of directors of Aspen Exploration Corporation made a determination to sell the California oil and gas assets. The sale to Venoco, Inc. (a Denver-based oil and gas company) was approved by the stockholders in May 2009 and completed in June 2009 effective as of December 1, 2008.
The board also made a decision to propose the possibility of dissolution of the corporation to Aspen’s stockholders (which is being accomplished through a proxy statement filed with the Securities and Exchange Commission and available to Aspen’s stockholders). This meeting is scheduled to be held on November 30, 2009. At the same time, Aspen is determining whether any alternative business arrangements, such as a merger or acquisition, might be for the benefit of Aspen stockholders. As we do not intend to limit what types of business opportunities we may pursue, if we identify an appropriate business opportunity, it may result in Aspen changing its line of business although Aspen intends to focus its search within the broad scope of the natural resources industry.
Although Aspen has engaged in preliminary discussions with third parties about various possibilities, none of these discussions have resulted in an agreement or any definitive steps toward the conclusion of any future relationship. Depending on the nature of the business opportunities and the related transactions, a future business acquisition may or may not require stockholder approval. If the transaction does not require stockholder approval, the board of directors will be entitled to accomplish the transaction in its discretion, although the board may (but would not be required to) seek an advisory vote of the stockholders. There can be no assurance that Aspen will identify an appropriate business opportunity or corporate transaction and consummate any such transactions.
Aspen currently has liquid assets and does not have any active business operations. Aspen intends to distribute substantially all of the net, after-tax proceeds from sale of its California oil and gas properties and production to Venoco to its stockholders. Aspen needs to complete certain calculations before it is able to determine the dollar amount of the proceeds from the Venoco sale to be distributed. Aspen believes it will be able to make this calculation after the October 28, 2009 settlement date based on preliminary tax calculations.
After the sale of Aspen’s California oil and gas interests, we do not consider our remaining assets, with the exception of cash and available-for-sale securities, to be material.
Disclaimer
|
|
|
|