Century Petroleum Corp. based in Woodlands, Texas, Acquires and explores for oil and gas properties in the United States. The company was formerly known as Som Resources, Inc. and changed its name to Century Petroleum Corp. in August 2006. Century Petroleum Corp. was founded in 2004.
Average volume for this Oil & Gas company is around 450 thousand shares per day. Today’s announcement has CYPE surging with over 3.5 million shares traded & hitting a new 52 week high.
Century Petroleum Corp. Press Release:
NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) — Century Petroleum Corp. (CYPE) (“Century” or the “Company”) is pleased to announce that it has entered into a binding letter agreement dated as of May 25, 2018 (the “Letter Agreement”) with a leading Nigerian-based cement company, Ibeto Cement Company Limited (“Ibeto”). The Letter Agreement outlines the proposed terms and conditions pursuant to which Century Petroleum Corp and Ibeto Cement Company Limited will effect a business combination that will result in a reverse takeover of Century Petroleum by the shareholders of Ibeto Cement Company Limited (the “Proposed Transaction”). The Letter Agreement was negotiated at arm’s length. Per the Agreement, Dr. Cletus Ibeto has acquired 70% control of Century Petroleum Corp. Effective May 24, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of Century Petroleum Corp has stepped down and Dr. Cletus M. Ibeto has been appointed as the new Chairman of the Board effective immediately. Dr Cletus Ibeto was advised by Palewater Advisory Group Inc. on this transaction.
Ibeto Cement Company Limited, a privately held company organized/incorporated under the Nigerian laws, is one of the most dominant players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the Ibeto Cement Company Limited is currently developing two cement plants in Nigeria namely: – one in Ebonyi State and one in Cross River State/Abia State. Each of the plant is a State-of-the-art 6,000 Metric Tons-per-day (TPD) plant and are sitting on an abundant deposit/reserve of quality limestones.
Ibeto Cement Company Limited is owned by the industrial Nigerian Billionaire – Dr. Cletus Madubugwu Ibeto, CON. Dr Ibeto is a world-class business leader and enterpreneur who has built successful companies/industries in Nigeria and beyond. Through Ibeto Cement Company Limited, Dr Ibeto has seriously impacted the cement market in Nigeria. This transaction will enable Ibeto Cement Company Limited to raise sufficient capital to dominate the industry in Nigeria and West African sub region as a whole.
Kent A. D. Clark, Chairman of Palewater Global Management Inc., the current parent company of Century Petroleum Corp, stated thus:
“The reverse merger with Century Petroleum Corp is a vital step in becoming a vibrant public company and is a key element of our growth strategy. This reverse merger is a significant accomplishment for the Palewater Global Management Inc. Team.” Clark continued, “We believe the positioning of Century Petroleum Corp. as a publicly-traded company will afford all the greatest opportunity to capitalize on the rapidly growing demand for high quality, lower-cost industrial products around the world.”
Dr. Cletus Ibeto, The Chairman of The Ibeto Group, the parent company of Ibeto Cement Company Limited, Nigeria, opined that:
“Our key strategic objective in the vast and extensive development of Cement business in Nigeria and West African sub-region is to make cement affordable to all Nigerians and tiers of government in such a way that they should be able to develop modest homes for themselves and their families inclusive of road infrastructure. As far as I am concerned and with the knowledge I have and what I know in this business, the cement business is an investors’ haven especially in Nigeria and a much more profitable business than crude oil where a lot of people think is the best place to invest. This probably explains why the few people in the business have deliberately created very strong barrier to entry into the industry for prospective investors. It is therefore my honest belief that this reverse merger will enable us to accomplish this objective. In the end and, in line with our strategic intent and objective, we are geared to be a world-class cement company in terms of quality, affordability, innovation, service, environment, safety, and corporate governance and also to be a part of building the country’s needed infrastructure.
Dr Ibeto continued, it has been a long journey since I have been in business and none of my companies or businesses has been public. I have a desire to build a formidable structure for companies that will outlive me.