Consolidation Services (CNSV), through its wholly owned subsidiary CSI Energy, has signed a definitive purchase and sale agreement (PSA) to acquire certain assets from Grayson Services and RMR Energy Resources.
The assets consist of oil and gas leases, equipment, and operations located in Kern and Santa Barbara counties and represent ongoing current production equal to 265 barrels of oil per day and 485mcf per day of natural gas.
The six leases currently have 54 producing wells on over 2,250 acres, and the producing zones include the Antelope Shale, Montery Chert and Sisquoc Sand.
The all-cash purchase price of the oil and gas fields, leases and operations is $35m but can be adjusted in accordance with the terms of the PSA.
Nevada-based CNSV is an exploration and production company engaged in the acquisition, operation and development of domestic oil and natural gas.