The deal, which is a renewal of the deal announced on 29 March 2009, was adjusted for any changes in existing well operations during that interim period, according to the company.
The purchase price, which will be financed with bank debt and loans from private sources, remains at $10,000,000 in cash and other consideration.
The US based firm said that the Ryder Scott Consultants is conducting a reserve study.
The company plans to complete its evaluation of the properties and leases and plan to have a development plan in place by early April 2011.
