Texola Energy Enters into Negotiations with Private Oil & Gas Companyadmin
Texola Energy Corp. has entered into negotiations with a private Calgary-based Oil and Gas Company to acquire its ongoing operations and producing assets. The target company commenced operations in 2003 and has focused it drilling and exploration operations in two core areas comprising 9,489 (gross acres); one core area is located in Alberta, Canada, and the other in Saskatchewan. Details relating to current daily production and other assets, including an inventory of low-risk developmental drilling locations, will be expanded upon in greater detail once the terms of the acquisition have been completed.
Management is excited by the opportunities presented by the proposed acquisition as it will, when completed, further diversify the portfolio of oil and gas prospects being explored by the Company, which include: its farm-in with Suncor et al on the Chinchaga Prospect in Alberta, Canada, and its large 120,000-acre Maverick Springs ”conventional and shale prospect” in Nevada, USA. The diversity offered by the proposed acquisition is in keeping with management’s goal to find, explore and develop large ”blue-sky-elephant” type prospects and ”near-term,” low-risk, drilling and developmental prospects.