Petrotech Oil And Gas To Buy Foxfire Leases With Production

Transaction Type
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Buyers
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Description

To acquire existing leases with production of 290 bbl/month of oil.

PetroTech Oil and Gas Inc. (OTC: PTOG) entered into letter of intent with Foxfire Inc. of Corsicana, Texas, to acquire the existing leases with the production, the company announced Dec. 11.

The leases contain two producing wells that are in good working condition with a production of 290 barrels of oil per month, and gross revenue of about $324,000 annually and the wells should maintain this rate for the next 10 years.

"We will continue to build shareholder value, and to grow our production capabilities to bring as much value and cash flow to the company," Eddie Schilb, president, said in the release. "We will keep our shareholders advised as we to when we close this transaction, and begin operating under PTOG, we want to complete this before the year end," he added.

Petrotech Oil and Gas Inc. initiates, operates, and develops EOR opportunities within qualifying oil reservoirs in the U.S. The company is based in Bedford, Texas.