Pantheon Resources to buy holding in Vision firms from Kaiser Francis

Oil and gas exploration company Pantheon Resources announced on Monday that it has reached agreement with Kaiser Francis and associated limited partners (KF) to acquire KF's 66.6% ownership of Vision Gas and Vision Resources, including its working interest in the VOS#1 well of 33.3% and associated Tyler County acreage.

The AIM-traded firm said Vision Gas owned certain physical assets and its intellectual property, and added that the acquisition would allow it to assume management control of the Vision entities.

As consideration, Pantheon would issue to KF 3.5 million new fully paid ordinary shares, which would be subject to a lock-up for three months.

As at 30 June, Vision had net assets with a book value of approximately $3.8m, with revenue for the year ended 31 December standing at $0.2m and losses attributable to Vision for the same period reaching $0.8m.

The company said it remained in negotiations with the estate of Bobby Gray to acquire the remaining interest in Vision, and increase its working interest to 100%.

Pantheon said the KF acquisition remained subject to admission of the new ordinary shares to trading on AIM becoming effective, which was expected at 0800 GMT on 17 January.

“The KF transaction is an important step in assuming control and management of the Vision entities,” said Pantheon chief executive officer Jay Cheatham.

“Importantly, it paves the way for Pantheon to assume operatorship and decision-making responsibility for our East Texas assets into the future.”