The financing had been negotiated through a memorandum of understanding with Dutchess Capital late in 2010.
As per the terms of the planned agreement, the company will acquire the JB Tubb/Amoco Crawar oil and gas property, which is located in the Permian Basin and Crawar Field, Ward County, Texas (12 miles west of Monahans & 30 miles west of Odessa in West Texas).
The financing is planned to be the foundation for the restructuring of the company’s operations, proposed acquisitions and corresponding work programs for new and existing oil and gas programs.
