Energy Services of America Corp reported in its Form 8-K that on November 28, 2012, the Company and its subsidiary corporations, C.J. Hughes Construction Company, Inc., Contractors Rental Corporation, Nitro Electric Company, Inc. and S.T. Pipeline, Inc. (collectively, the Obligors) entered into a forbearance agreement with United Bank, Inc., whereby the Obligors acknowledge that they are in default under the terms of two credit facilities between United Bank, Inc. and the Company and United Bank, Inc. has agreed to forbear from exercising certain of its rights and remedies under the loan agreements and related documents. The Forbearance Agreement was subsequently amended. On October 1, 2013, the parties entered into an amendment to the forbearance agreement which extends the period under which the Company must raise $1,025,000 in cash equity previously due to be raised by September 30, 2013 until October 31, 2013. The remaining provisions of the new forbearance agreement are substantially the same as those in the Agreement.
Energy Services of America Corp reported in its Form 8-K that on December 6, 2012, the Board of Directors of Energy Services of America Corporation (Company) announced that General Harley Mooney resigned as President and Chief Executive Officer (CEO). Mr. Mooney also has resigned from the Company’s Board of Directors. Mr. Mooney did not serve on any Board committees. Following Mr. Mooney’s resignation, the Board of Directors appointed Douglas V. Reynolds as President and Chief Executive Officer (CEO).
Energy Services of America Corp reported in its Form 8-K that On August 27, 2012, the Board of Directors of Energy Services of America Corporation (Company) announced the retirement of Edsel R. Burns as President and Chief Executive Officer (CEO). Mr. Burns also has retired from the Company’s Board of Directors. At a special Board of Directors' meeting held August 27, 2012 the Board named Harley Mooney as the new CEO of Energy Services of America.
Energy Services Of America Corp. announced in its Form 8K that On October 1, 2008, Jack M. Reynolds resigned as President and Chief Financial Officer of the Company. Mr. Edsel R. Burns has been appointed President. It also said that on October 1, 2008, Larry A. Blount was appointed as Chief Financial Officer and Secretary/Treasurer of the Company.
Energy Services Acquisition Corp. has changed its name to Energy Services Of America Corp.
Energy Services Acquisition Corp. announced that it has entered into an Agreement and Plan of Merger to acquire C.J. Hughes Construction Company, Inc. headquartered in Huntington, West Virginia. C.J. Hughes may be considered an affiliate of Energy Services since Marshall T. Reynolds and Neal Scaggs are shareholders, and Edsel R. Burns is the president and a shareholder of C.J. Hughes Construction Company. Mr. Reynolds is the Chairman of the Board, Chief Executive Officer and Secretary of Energy Services. Mr. Scaggs and Mr. Burns are directors of Energy Services. C.J. Hughes is primarily engaged in the construction, replacement and repair of natural gas pipelines for utility companies and private natural gas companies. To a lesser extent, C.J. Hughes is engaged in the installation of water and sewer lines. The Agreement and Plan of Merger calls for the shareholders of C.J. Hughes Construction Company to receive $36,896 in cash and 6,434.7 shares of Energy Services common stock for each share of C.J. Hughes stock held. The total Merger consideration will be approximately 50% cash and 50% common stock with a total value of $34.0 million as of the date of the agreement. Under certain circumstances the number of shares to be issued may be increased in order to ensure that at least 40% of the value to be paid to be paid to C.J. Hughes shareholders is in common stock.
Energy Services Acquisition Corp. announced that it has been informed that COG Finance Corporation has elected to exercise an option to acquire GasSearch Drilling Services Corporation pursuant to an option to purchase GasSearch Drilling Services Corporation set forth in a finance agreement between COG Finance and GasSearch Drilling. Energy Services also announced that it has entered into a non-binding letter of intent dated February 13, 2008, to acquire C.J. Hughes Construction Company, Inc. The acquisition of C.J. Hughes Construction, Inc. is subject to entering into a definitive agreement. C.J. Hughes is an underground utility services company. C.J. Hughes may be considered an affiliate of Energy Services.
Energy Services Acquisition Corp. announced that it has entered into an agreement and plan of merger to acquire S.T. Pipeline, Inc.(S.T. Pipeline acquisition) Pursuant to the agreement to acquire S.T. Pipeline, shareholders of S.T. Pipeline shall have a right to receive up to $15,200 per share in cash, or $19.0 million in the aggregate, subject to a reduction to reflect the book value of certain assets and a further reduction of $3.0 million that will be paid to S.T. Pipeline shareholders on a deferred basis. In addition, Energy Services has agreed to enter into a three-year employment agreement with James E. Shafer and a non-compete agreement with Pauletta Sue Shafer, the owners of S.T. Pipeline. Each of Mr. and Mrs. Shafer has agreed to vote their shares in favor of the S.T. Pipeline acquisition.
Energy Services Acquisition Corp. announced that it has entered into a stock purchase agreement to acquire GasSearch Drilling Services Corporation, (GasSearch Drilling acquisition). The agreed upon total acquisition cost to Energy Services is $23.5 million, payable in a combination of cash and stock as follows; $17.5 million in cash to cover current debt and capital expenditures already planned; and a number of shares of Energy Services common stock equal in value to $3.5 million based upon the arithmetic average of the closing price of Energy Services common stock as reported on the American Stock Exchange for the five consecutive trading days beginning three trading days before the announcement of the GasSearch acquisition and the balance in cash.
Energy Services Acquisition Corp. announced that Ferris, Baker Watts, Incorporated, lead underwriter for the initial public offering of the Company's initial public offering of 8,600,000 units, has notified the Company that separate trading of the common stock and warrants included in the units would commence on or about October 3, 2006. The common stock and warrants will trade on the American Stock Exchange under the symbols 'ESA' and 'ESA-WS,' respectively.