HOUSTON, April 26, 2017 /PRNewswire/ -- KLR Energy
Acquisition Corp. ("KLRE" or the "Company") (NASDAQ: KLRE, KLREU,
KLREW) today announced that its stockholders overwhelmingly
approved the previously announced business combination transaction
(the "Business Combination") with Tema Oil and Gas Company
("Tema") at the special meeting of stockholders held today. The
Company's board of directors (the "Board") had previously approved
the Business Combination and recommended that its stockholders vote
in favor of the proposal, and Tema's board of directors had also
previously approved the Business Combination. In addition to
approving the Business Combination, the Company's stockholders
approved all of the other proposals included in the proxy statement
filed by the Company with the Securities and Exchange Commission
(the "SEC") on April 12, 2017, as
revised on April 19, 2017.
Gary C. Hanna, Chairman and Chief
Executive Officer of the Company, added, "This vote completes the
board and stockholder authorizations needed to complete the
transactions. We have scheduled the closing for April 27, 2017."
About KLR Energy Acquisition Corp.
KLRE is a blank check company, also commonly referred to as a
Special Purpose Acquisition Company, or SPAC, formed for the
purpose of entering into a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses or entities. KLRE is
sponsored by KLR Energy Sponsor, LLC, an affiliate of KLR Group
Holdings, LLC and KLR Group.
About Tema Oil and Gas Company
Tema is a rapidly growing, privately held, exploration and
production company with producing assets in Texas and New
Mexico. Current investment activity is focused in the
Permian Basin and other high-potential proven basins. Tema's
strategy for growth is building a portfolio of high-quality acreage
in proven resource play basins to provide a foundation of
predictable production growth. Through active acquisition,
exploitation and exploration across portions of Texas and New
Mexico, the staff at Tema has continued the growth and
success of the company since its formation in 1999. Tema is a
wholly owned subsidiary of Baltimore,
MD-based Rosemore, Inc., founded by descendants of
Louis Blaustein, the 1910 founder of
the American Oil Company.
About KLR Group
KLR Group is a full-service boutique investment bank focused on
the energy industry founded in 2012 and led by Edward Kovalik, Stephen
Lee and Reid Rubinstein. With
offices in Houston and
New York, KLR Group is committed
to providing clients access to a broad range of financial services,
advice and solutions typically available only to the largest public
companies. These solutions include public and private, corporate
and asset-level financings across the capital spectrum, advisory
services, equity research, sales and trading, and merchant
banking.
Forward-Looking Statements
This communication includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about: KLRE's
ability to consummate the Business Combination and related private
placement; the benefits of the Business Combination; the future
financial performance of KLRE following the Business Combination;
changes in Tema's reserves and future operating results; and
expansion plans and opportunities. These forward-looking statements
are based on information available as of the date hereof, and
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. Accordingly,
forward-looking statements should not be relied upon as
representing KLRE's views as of any subsequent date, and KLRE does
not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. You
should not place undue reliance on these forward-looking
statements. As a result of a number of known and unknown risks and
uncertainties, KLRE's actual results or performance may be
materially different from those expressed or implied by these
forward-looking statements. Some factors that could cause actual
results to differ include: (i) the occurrence of any event, change
or other circumstances that could delay the Business Combination or
the private placement or give rise to the termination of the
Business Combination Agreement by and between KLRE and Tema, dated
as of December 20, 2016 (the
"Business Combination Agreement"); (ii) the outcome of any legal
proceedings that may be instituted against KLRE following
announcement of the Business Combination and transactions
contemplated thereby; (iii) the inability to complete the Business
Combination due to the failure to satisfy conditions to closing in
the Business Combination Agreement; (iv) the risk that the Business
Combination disrupts current plans and operations of KLRE or Tema
as a result of the announcement and consummation of the
transactions described herein; (v) KLRE's ability to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition and the ability of
KLRE to grow and manage growth profitably following the Business
Combination; (vi) costs related to the Business Combination; (vii)
changes in applicable laws or regulations; (viii) the possibility
that KLRE or Tema may be adversely affected by other economic,
business, and/or competitive factors, including, but not limited
to, future trends in energy markets and commodity prices; and (ix)
other risks and uncertainties described herein, as well as those
risks and uncertainties discussed from time to time in other
reports and other public filings with the SEC by KLRE.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC, including our Registration Statement
on Form S-1, as amended, which was initially filed with the SEC on
January 19, 2016, in the definitive
proxy statement filed by KLRE with the SEC on April 12, 2017 and in the revision to the proxy
statement expected to be filed today. Our SEC filings are available
publicly on the SEC's website at www.sec.gov. KLRE and Tema
disclaim any obligation to update the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Additional Information about the Transaction and Where to
Find It
In connection with the Business Combination, KLRE filed a
definitive proxy statement with the SEC on April 12, 2017 and, on April 12, 2017, commenced mailing such definitive
proxy statement and other relevant documents to its stockholders.
Investors and security holders of KLRE are advised to read the
definitive proxy statement, and any amendments or supplements
thereto, in connection with KLRE's solicitation of proxies for its
stockholders' meeting held to approve the Business Combination and
related transactions because the proxy statement contains important
information about the transactions, the parties thereto and risk
factors that may affect investors. The definitive proxy statement
was mailed to stockholders of KLRE as of March 28, 2017, the record date for voting on the
Business Combination. Stockholders may also obtain copies of the
proxy statement, without charge, at the SEC's website at
www.sec.gov or by directing a request to: KLR Energy Acquisition
Corp., 811 Main Street, 18th Floor, Houston, Texas 77002, Attn: Gary C. Hanna.
Disclaimer
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
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SOURCE KLR Energy Acquisition Corp.