As per the terms of the agreement, the company, through its wholly owned subsidiary Energy Producers Inc, will acquire a majority 75% working interest and 56.25% corresponding net revenue interest in the North 40 acres of the JB Tubb Leasehold Estate/Amoco Crawar field and oil and gas interests.
The interests include all related assets, fixtures, equipment, three well heads, three well bores, and pro rata oil & gas revenue and reserves for all depths below the surface to 8500ft.
The field is located in the Permian Basin and the Crawar Field in Ward County, Texas.
Included in the transaction, Energy Producers will also acquire 75% working interest and 56.25% corresponding net revenue interest in the Highland Production Company No 2 well-bore, located in the South 40 acres of the JB Tubb Leasehold Estate/Amoco Crawar field.
