SPZI: JP 3E Holdings, Inc. and Kerogen Resources LLC form Kerogen Resources II LLC to develop unconventional shale assets
CLEARWATER, Fla., May 10, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc., (“JP3E”) formerly known as Spooz, Inc. (OTC: SPZI), is pleased to announce the execution of a Memorandum of Understanding (“MOU") with Kerogen Resources LLC to form Kerogen Resources II LLC for the purpose of developing unconventional onshore U.S. shale assets. JP3E will have majority ownership and provide funding for Kerogen Resources II. Kerogen Resources will operate and have a minority stake in Kerogen Resources II. This strategic partnership marks a significant expansion of JP3E Holdings' footprint in the energy sector. Kerogen Resources, a private exploration and production company, brings to the partnership extensive experience and knowledge for development of conventional and unconventional oil and natural gas assets.
Mark Thompson, CEO/Chairman of Kerogen Resources, commented, "This partnership with JP 3E Holdings represents a pivotal moment in our company. Leveraging JP3E's resources and network, we aim to enhance our operational footprint and expand our market reach, driving significant value for our stakeholders."
John K. Park, CEO/Chairman of JP3E, stated, "Our partnership with Kerogen Resources highlights our commitment to diversify and strengthen our portfolio in the energy sector. We are excited about the synergies this partnership brings."
JP3E plans to provide funding for Kerogen Resources II starting in the third quarter of 2024.
About Spooz, Inc. (SPZI) now JP 3E Holdings, Inc.
Operating companies to supply the world with the vital needs of Eating, Energy, and Education (3E) which are essential needs for our everyday living and quality of life.
About Kerogen Resources LLC.
Kerogen Resources is a private exploration and production company with offices in Clearfield County, Pennsylvania. Our team has decades of industry-leading experience and is dedicated to creating value that makes a difference. Kerogen Resources has fostered a culture of a dedicated and technically advanced team of professionals who are hard-working and committed to excellence. Today, several of the company’s members are owners of mature-producing properties and a FERC pipeline system in Central Pennsylvania. Our goal is to return value to our partners through cost-efficient operations utilizing best-in-class environmental and safety procedures. Our strategy is to identify high-quality mature producing assets and employ operational improvements and effective techniques around enhanced recovery programs. Identification and evaluation of acquisition candidates are ongoing activities.
SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange - including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions - are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.
Company Contact:
John K. Park, Chairman and CEO
Office: 732-241-0598
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