As part of the memorandum of understanding, the Dormitory Authority provided MBOC with a small grant to develop comprehensive outreach and technical assistance programs to inform minority and women-owned businesses on current and proposed contract opportunities.
The organization will also send the Brooklyn office project plans and specifications that MBOC clients will be able to examine to the Brooklyn Entrepreneur Support and Training Center (the BEST Center), which was created by BEDC and is located in BEDC and MBOC's office suite at 175 Remsen St.
Herod and Sexton will remain with MBOC as Vice President - Corporate Development and Gulf Coast Division Manager, respectively.
Bassett, President and CEO of MBOC, stated "This merger is the largest and has the greatest potential of the two previously announced mergers since December 31, 1996.
The Directors have the experience and knowledge to oversee the direction and growth of MBOC into a large oil and gas company.
On an equivalent barrel basis, MBOC produced 1,223 Mboe in 1998, an increase of 102% compared to 1997.
In the fourth quarter of 1998, MBOC produced 153,000 barrels of oil and 1,133.
Bassett, President and Chief Executive Officer of MBOC stated, "1998 was a difficult year for Middle Bay along with all independent producers.