The sale of interests would earn Sun River $500,000 and 2,564,103 shares of Mericol’s common stock which is 50% of the issued and outstanding stock of Mericol.
Sun River Energy CEO and president Donal R Schmidt Jr said the Company expected to divest some of its non-hydrocarbon resources owned in Colfax County, New Mexico
"This transaction allows us to narrow our focus to where our expertise lies," Schmidt Jr. added.
"We continue to work towards finalizing a joint venture regarding development of our shallow oil rights in Colfax."
Mericol, in accordance with the terms of the contract will change its name to Maxwell Resources.
Sun River Energy is a US-based oil and gas exploration and production.
