The new Zona Resources will allow ERF the ability to profit from the oil and gas lease and property phase of that industry
ERF Wireless announced that the board of directors have voted to form a new wholly owned private Texas subsidiary corporation named Zona Resources. The purpose of this new subsidiary will be to provide ERF Wireless, Inc. with a wholly owned private subsidiary focused primarily on the location and acquisition of oil and gas properties, as well as other energy related activities.
ERF Wireless, Inc. has long been associated with the oil and gas industry through its provision of wireless internet and other services in the exploration, drilling, and production phases of oil and gas. The new Zona Resources, Inc. wholly owned private subsidiary will provide ERF Wireless, Inc. with still another energy industry tool, as it will allow ERF the ability to profit from the oil and gas lease and property phase of that industry. Initially Zona Resources, Inc. will focus on acquiring oil and gas property in the Permian Basin, but expects to be active in other oil and gas regions of the United States in the future.
“We are pleased to announce the exciting new direction of the Company and its future development,” stated Dr. John Barnett the CEO of ERF Wireless, Inc. “The Company has already actively begun to pursue an exciting new direction in addition to our current business to improve shareholder value and to provide a base on which we can realize expansion and growth. Management believes this has created an optimal atmosphere in which to build long-term growth for the Company. Careful consideration, planning and organization over the last few months have been expended toward expansion of the ERF business model, with an additional new concentration in the land and property side of the oil and gas industry.”
Source: Company Press Release