The company intends to acquire 100% working interests and 80% of the corresponding net revenues of the properties which encompass about 2,000 acres.
The board of directors of the company has already given permission to move into the final stages of negotiations for executing a formal binding agreement.
EGPI CEO Dennis Alexander said this target acquisition meets the company’s criteria in assisting its growth plans for the integration of assets and revenue stream for its oil and gas division.
EGPI’s business and acquisition strategy is focused on oil and gas production, and the company is also looking to expand into alternative energy sources as well as industries in the energy field.
