Talos, Stone Energy to merge
The transaction is expected to close late in the first quarter or early in the second quarter of 2018.
At closing, Talos stakeholders will own 63% of the combined company, with Stone shareholders owning the remaining 37%.
Talos CEO Timothy Duncan will be CEO of Talos Energy Inc; Neal Goldman will serve as non-executive chairman of the board of directors.
The combined company’s board of directors will be comprised of ten members, including six members designated by Talos and four members designated by Stone from its current board.
The new company will be headquartered in Houston, with additional offices in Lafayette and New Orleans.
The combined company will have proved reserves of 136 MMboe as of the 30th June 2017 based on SEC prices, which are 69% oil and 74% located in the deepwater Gulf of Mexico.