HOUSTON, TX -- (Marketwire) -- 08/07/08 -- USA Superior Energy Holdings, Inc. (OTCBB: USSU) (FRANKFURT: F2S) announced today it has executed a letter of intent
to merge with Hunt Global Resources Inc. of Montgomery, Texas.
The transaction will be in the form of a "reverse merger." Under terms of
the agreement, Hunt will assume a majority stock position and appoint a new
board of directors. Full details of the transaction will be released upon
the execution of a definitive agreement between the parties.
Closing is based on the completion of required audits, satisfactory
due-diligence, a fairness-opinion and shareholders' approval of the
transaction.
Hunt is a natural resource company that plans to begin mining operations in
the fourth quarter of this year on 350 acres of land containing proven sand
and gravel reserves valued at an estimated $1.2 billion dollars.
We believe this transaction will provide value to our shareholders said G.
Rowland Carrey, CEO of USA Superior Energy. Hunt has a solid business plan
and proven resources in a geographic area where demand for construction
grade sand and fine sands used for glass manufacturing continually outpaces
the available supply.
"We're very excited about this transaction," said Jewel S. Hunt V, Founder
and Chairman of Hunt Global Resources. "We believe that entering the public
market will allow us to take advantage of the many opportunities available
in the natural resource business. Unlike the oil business, the business of
mining sand and gravel is relatively simple. There are no dry or
unproductive wells and the equipment required is relatively inexpensive.
Sand and gravel is mainly surface mining. All of the material is located
within fifty feet of the surface and visible to the naked eye. We excavate
the materials, process it and load it on a waiting truck. The only
complexity to the business is the proprietary software technology we have
designed that allows us to process a variety of sand products at higher
profit margins than traditional sand and gravel operations," Mr. Hunt
added.
ABOUT USA SUPERIOR ENERGY HOLDINGS, INC.
USA Superior Energy Holdings, Inc. is a company with excellent potential
focused on applying new technologies to oil and gas fields as well as other
industries. USA Superior is composed of a team of experts in their field,
highly qualified with over 200 man-years of oil and gas field experience;
from finding to drilling, well completion to operations and production, to
problem solving, seasoned with success. Environmentally concerned and
responsible, responsive to project needs and specializing in special
projects, USA Superior Energy's focus has been on developing and utilizing
complimentary technologies; Nitrogen (N2) and cased hole horizontal
drilling.