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GulfWest Energy Inc. Converts to Delaware Corporation and Changes Name to Crimson Exploration Inc.

Publication: Business Wire
Publication Date: 30-JUN-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
HOUSTON -- GulfWest Energy Inc. ("GulfWest") (OTCBB:GULF) has merged into Crimson Exploration Inc. ("Crimson"), formerly a wholly-owned subsidiary of GulfWest, to effect the conversion of GulfWest from a Texas corporation to a Delaware corporation. Specific details of this transaction are as follows:

--As previously disclosed, in conjunction with GulfWest's February 2005 sale of $42 million in preferred stock to an Oaktree Capital Management affiliate as part of its recapitalization plan, GulfWest committed to a reincorporation as a Delaware corporation by July 30, 2005. The merger and reincorporation received approval from the shareholders at the 2005 Regular Annual Meeting of Shareholders.

--Current holders of GulfWest preferred and common stock will receive one share of...

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