DALLAS, Oct. 15, 2009 (GLOBE NEWSWIRE) -- Southwest Resources, Inc. (the "Company"), formerly known as Apollo Drilling, Inc. (Pink Sheets:SWRS), today announced that the Company has executed a reverse split of its common stock.
On August 12, 2009 the Company's Board of Directors voted unanimously to approve a reverse split of all outstanding shares of the Company's common stock in a ratio of 1 for 2,500 on the record date of September 3, 2009 (the "Reverse Stock Split") and recommended the Reverse Stock Split to its stockholders for their approval. On August 21, 2009, by written consent of the shareholders holding a majority of the voting power of the common and preferred stock outstanding on the record date of September 3, 2009, the Reverse Stock Split was approved. The Reverse Stock Split will reduce the number of authorized shares of the Company's common stock to 1.34 million shares.
Upon the effectiveness of the Reverse Stock Split, each certificate representing shares of the Company's common stock before the Reverse Stock Split will be deemed, for all corporate purposes, to evidence ownership of the reduced number of shares of common stock resulting from the Reverse Stock Split.
The Company will also issue 25 million shares of common stock upon the completion of the Reverse Stock Split.
About Southwest Resources, Inc.
Southwest Resources, Inc. is focused on upstream oil and gas exploration, development and production.
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.