HXPN will provide capital to execute SPE’s business plan, which is focused on oil and gas exploration, exploitation and production in the historically prolific shallow conventional horizons of northeastern Oklahoma
HXPN announce closing of majority interest investment in Sheppard Pool Energy. (Credit: drpepperscott230 from Pixabay)
HXPN, Inc. (“HXPN” or “the Company”) (OTCPINK: HXPN), an emerging technologies and mineral resources development company, today announced that it has completed its due diligence and executed closing documents with regard to its investment in Sheppard Pool Energy, LLC (SPE), the Oklahoma-based oil and gas exploration company in whom HXPN has acquired a 75% equity interest.
HXPN will provide capital to execute SPE’s business plan, which is focused on oil and gas exploration, exploitation and production in the historically prolific shallow conventional horizons of northeastern Oklahoma. SPE owns leasehold interests of just over 4,900 acres in northeastern Oklahoma. SPE has identified, via electric log evaluation, a minimum of fifteen re-completion opportunities in previously drilled but uncompleted “behind pipe” pay sands within its existing leasehold and expects to begin to re-enter the wells within the next several weeks. In addition to these re-completion projects, SPE has identified multiple new drilling locations on its leasehold. The Company expects to report early results of the first re-entry efforts in mid second quarter, 2022.
The Company is also pleased to announce that has completed its due diligence of OPUS AMDG, Inc., (“OPUS”) and has executed and funded the OPUS Service Agreement. The Company has engaged OPUS to assist and support the Company in the issuance of a Senior Secured Note in the amount of $500,000,000.00. The Company expects to complete the compliance process within the next thirty days and expects to realize note proceeds by the end of the second quarter, 2022. The Company will use the proceeds to make capital investments across its areas of focus.
Source: Company Press Release