The purchases will be subject to the ProConcept Marketing Group conducting due diligence on the leases.
SJI Enterprises will retain an 80% ownership, and will handle completion or recompletion, provide all labor and material, and will operate and manage the wells and leases. ProConcept will make the investment in the wells and will retain a significant working interest and net revenue interest.
Joel Stohlman, chairman and president of ProConcept, said: This provides an additional source of diversification and revenue stream to the ProConcept Marketing Group.
