Amerigo Energy, Inc. (“The Company”) (OTCBB: AGOE) provided the following brief update for its shareholders.
Due to the dismal performance from the company’s oil and gas properties, Amerigo’s management is currently evaluating multiple opportunities to increase shareholder value. The potential merger and/or acquisition candidates are from industries outside of the energy sector.
Jason Griffith, Amerigo Energy’s Chief Executive Officer, stated: “With our Oklahoma and Texas properties underperforming, we feel that the timing is critical to infuse additional asset value to the company to benefit our shareholders. Of paramount importance to me is to assure that we have no intention to recapitalize the company through a reverse split. I am committed to protect the current investors from any transaction that would further restrict liquidity or investment performance.”
While the company is performing due diligence on possible partners, we are not yet at the stage that a letter of intent or contract is warranted. Further developments will be announced as the situation changes.