October 26, 2009 (FinancialWire) — Exobox Technologies Corp. (OTCBB: EXBX) (Current Market Cap: $22.82 Mil.) said it has closed the acquisition of 16 income producing oil and gas wells in Ohio from an undisclosed private oil and gas company in a deal worth $13.25 million.

The properties produce from the Clinton and Marcellus shale formations, according to Exobox.

The oil and gas wells have a represented PV10 reserve value of approximately $22.5 million, according to the company. Exobox plans to use the cash flow and the net worth the company will receive from the oil and gas assets to assist in further developing its software products and technologies.

Exobox also said that owning the assets will assist the company in developing sales channels in the energy industry for its software technologies.

In conjunction with the purchase of the Assets, the company has formed EXBX Energy, Inc., a Texas-based company that will be used to manage and operate the assets, as well as evaluate future acquisitions.

The $13.25 million purchase price includes the assumption of existing debt of around $3 million, a 5-year, 7.5% convertible note in the amount of $1.5 million and convertible into common stock at $.21 per share, 1,163,000 shares of newly designated preferred stock with a stated value of $11,630,000, which is convertible into common stock at $0.477 per share and pays cumulative annual dividends of 7.5%, and three million shares of restricted common stock.

Houston-based Exobox Technologies develops information risk management and security solutions.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.