Cressent Energy, a subsidiary of Fortune Oil & Gas, has purchased additional well with solid, long-term revenue production in the US.
Cressent has acquired a well which currently produces 12 barrels of oil a day, at very favourable conditions.
With its current production capability of 12 barrels a day, the company expects this well to create about $220,000 annually.
Cressent CEO Louis Purvis said the company intends to buy a bulk of small producing wells that will generate larger revenue.
"The acquisition enables the company to move onto larger projects, seek wells and leases with higher daily production capacities, and higher daily profits," Purvis said.
Cressent Energy is an oil and gas company engaged in the exploration, development and production of oil and gas in the US state of Texas.