Arcadia Biosciences and Roosevelt Resources, both based in Dallas, have agreed to combine the companies in an all-stock transaction that’s expected to close as soon as the first quarter of 2025.

Since 2002, Arcadia has focused on agricultural innovation and next-generation wellness products, including Zola coconut water and high-fiber “better for you” products. Roosevelt is a privately held oil & gas exploration and production company.

The merger represents a strategic shift for. Arcadia, which relocated to Dallas from Davis, California, in 2023.

“Since July 2023, Arcadia has been undergoing a strategic review with external advisors to evaluate the best alternatives for maximizing shareholder value,” T.J. Schaefer, president and CEO of Arcadia, said in a statement. “During that time, we have streamlined our operations to focus on Zola coconut water, reduced operating expenses and generated non-dilutive capital through the sale of our GoodWheat brand and our wheat IP.”

“After a comprehensive and prolonged review, we’ve concluded that a business combination with Roosevelt Resources is the best alternative to create value for Arcadia and its shareholders,” Schaefer added.

Last May, Dallas Innovates wrote about Arcadia selling its patented ‘wheat trait’ to Corteva Agriscience for $4 million and its GoodWheat Brand for $4 million to Canada’s AboveFood.

Roosevelt is a privately held oil & gas exploration and production company led by industry veteran Elliott “Tony” Roosevelt Jr. and his team of experienced oil and gas professionals with an extensive background in development of major oil and natural gas projects. Roosevelt said its primary asset is a carbon capture utilization and storage oil and natural gas project spanning 16,208 contiguous acres on the Northwest Shelf of the Texas Permian Basin that Roosevelt said it plans to develop over the next 40+ years as an enhanced oil recovery project reaching an anticipated peak production capacity in 2051 of 55,000 gross barrels of oil equivalent per day.

Transaction details and more on Roosevelt Resources

At the closing of the transaction and thereafter, the following are expected to occur:

• Arcadia will change its corporate name to Roosevelt Resources Inc.
• The company’s shares are expected to trade under a new trading symbol.
• Current management of Roosevelt will manage the combined entity with Roosevelt serving as chief executive officer, Jimmy Hawkins serving as president and COO, and Jerrel Branson serving as chief financial officer.
• One or more members of Arcadia management and personnel may continue to assist in managing the existing on-going operations of Arcadia.

“This asset has been in the Roosevelt family for over 100 years,” Roosevelt said in a statement. “Starting in 2007, we started the study and evaluation of the RR-Googins field to position it for field wide development. Through the application of technology, drilling and producing oil and planning and sourcing necessary components for field development, we believe we are positioned to now execute on this promising project. This business combination with Arcadia will position us to continue the next steps in this field development.”

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