The parties to the LOI are scheduled to sign a purchase agreement before March 8, 2010 and close the transaction on or before March 29, 2010, subject to, among other things, completion of due diligence and negotiating the agreement.
Johnny Thomas, CEO of CNSV, said: “This acquisition, when completed, is expected to be the first of several income producing acquisitions, as management focuses on the acquisition of assets using CNSV common stock.
“The pending acquisition is consistent with CNSV’s strategy to grow shareholder value through the acquisition of oil and gas reserves and income producing properties.”
CNSV is engaged in the acquisition and development of oil and gas mineral rights in eastern Kentucky. The company owns oil and gas rights on approximately 12,000 acres in eastern Kentucky.
