AGR Tools To Buy 80% Stake In Tennessee Lease

To buy 80% ownership interest in 700-acrePaul lease in Overton County, TN, featuring 20 wells.

AGR Tools Inc., Dallas, (OTCBB: AGRT) plans to buy an 80% ownership interest in the 700 acre Paul lease in Overton County, Tennessee from Consolidated Oil and Gas for approximately $2.5 million in stock.

AGR will issue 5 million restricted common shares.

The lease includes 20 historically producing wells on a small portion of the acreage. AGR has initial plans to drill and complete 10 new wells at a total capital cost of $1.5 million, with the projected partnership revenue from these 10 wells over a five-year time frame of roughly $7 million.