Kabe Exploration, an oil and gas exploration and development company, announced a 1031 exchange today with International Equity Partners Oil & Gas Incorporated (IEP). The company's deal with its joint venture partner will net 10 million shares of International Equity Partners' common stock.
International Equity Partners were reportedly having talks with one of Kabe Exploration's major shareholders for a possible private buyout of a controlling block. IEP will provide capital and industry knowledge in developing the systems and assets for operations, according to a press release by Kabe Exploration. "We strongly value our joint venture partnership and believe through International Equity Partners we can effectively achieve our goals," said Chief Executive Officer Erik Ulsteen.
International Equity Partners Oil & Gas Incorporated is headquartered in Canada, while Kabe Exploration is based in San Diego California. IEP acquired oil and gas assets in the North American region while targeting oil field related companies for possible buyouts.
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