The property contains one producing well and proved undeveloped locations, which the company anticipates to drill and complete in the next 60 days.
Under the LOI, Green Equity will acquire the property for a price of $2m, paid for in cash, promissory notes and/or the company’s stock.
Green Equity president Raymond Dias said that the LOI is aligned with the company’s new strategy to focus on opportunities within the oil and gas industry.
"We plan to acquire natural resource properties that contain already producing wells or those that can be brought into production in the near-term," Dias said.
