OKLAHOMA CITY, Oct. 19, 2015 /PRNewswire/ -- Enerlabs, Inc. (OTC pink: ENLB) and BlueHawk Energy, Inc., a natural gas product exports project developer, have signed a Letter of Intent to merge.
Subject to the execution of a definitive merger agreement within the coming weeks, the merged company will be known as BlueHawk Energy, Inc. Going forward, the newly merged corporation will operate under BlueHawk Energy, Inc.'s senior management, with oil and gas executive David Scull as its chief executive officer.
"We are extremely enthusiastic about the prospect of merging with Enerlabs, Inc. and the opportunity to take the Company in a significantly new, high growth direction," said Mr. Scull. "The energy world is changing and we want to get out in front of those changes with our strategically focused vision and valuable export project."
BlueHawk Energy, Inc. ("BHE") is developing a natural gas product with intent to export to Asia. This project presents an important business opportunity, one that connects Asia's significant natural gas demands with the United States' abundant, lower cost natural gas supplies.
The timing for BHE's project is ideal, given the current downturn in oil and natural gas prices. Given the drop in prices, there are several U.S. energy companies under severe financial stress with significant debt. BHE's project offers U.S. natural gas producers and prospective major Asian partners, investors, and buyers an excellent, long-term solution. There is every expectation that U.S. energy companies which become associated with BHE, the project and its broader vision and activity scope stand to have a very positive impact on their operations, creating further opportunities for BHE.
"The prospective merger with BlueHawk Energy, Inc. is a very unique and highly desirable opportunity for Enerlabs," said George Shaw, CEO of Enerlabs. "BHE's impressive project leverages our experience with upstream natural gas field development as well as energy related laboratory test services."
BHE's project has the same basic business model as that of one of the few publicly-traded U.S. energy companies which continues to trade at high levels: Cheniere Energy. This business model centers on three core characteristics: natural gas-based product; all production is exported and production is pre-sold via take or pay, long-term contracts.
As a newly merged, public company, BHE expects the markets to view BHE as a company positioned in the same business space as Cheniere Energy – whose stock has recently traded around $48 per share. A few years ago, Cheniere Energy's stock traded in the $2 - $3 per share range.
Additional announcements on the merger will be forthcoming.
For more information about BlueHawk Energy, Inc., please visit: www.bluehawkenergyinc.com.
About BlueHawk Energy, Inc.
Based in Oklahoma City, Oklahoma, BlueHawk Energy, Inc. is currently developing a project involving the production of methanol in the United States for export to Asia. The BHE project uses abundant, low cost, U.S. natural gas as feedstock to produce methanol in high volume.
BlueHawk Energy Inc.'s management team comprises of high-level senior executives with decades of global experience across all facets of the oil and gas and petro-chemical sectors, with significant direct industry experience across Asia.
Contact information: David Scull - CEO, BlueHawk Energy, Inc., Tel: 1-800-303-0895 Email: [email protected]
About Enerlabs, Inc.
The management of Enerlabs, Inc. has 25 years of experience working in public companies, operating oil and natural gas projects, and developing other business ventures. Enerlab also has experienced technical staff, up-to-date equipment and a history of providing reliable, energy sector and environmental test services to their clients. Please visit Enerlabs, Inc.'s website at www.enerlabsinc.com.
Contact information: Scott Shaw – EVP, Enerlabs, Inc., Off Tel: 405-879-1752
Email: [email protected]
Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Enerlabs' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Enerlabs expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Enerlabs, Inc.