Xstate Resources (ASX: XST) is preparing to announce details of an asset acquisition, with the ASX granting the company a trading halt this morning, with its shares placed in pre-open.
Xstate said in the December 2012 quarterly that it continues to actively seek new oil and gas assets to revitalise the company and is pursuing mergers, acquisition and acreage application opportunities over areas where Xstate management and advisors have extensive oil and gas exploration and development experience.
Andrew Childs was recently appointed as a Director of the company, and is well known in the Australian oil & gas industry and is based in Perth.
At the time of the appointment, the company said it is anticipated that Childs business connections will assist the company in its endeavour to locate a suitable oil or gas project and help facilitate the future restructuring and recapitalisation of the company.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 14th February 2013.
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