Comprising over 2,600 acres, the leases have 54 existing oil and gas wells with all the necessary equipment to commence production.
Oscar Luppi, CEO of Force Fuels, said: “We are all very excited about the acquisition of the leases on this extensive oil and gas property which will provide significant cash flow and future development opportunities for additional oil and gas reserves for our company and shareholders.
“This transaction represents the first step in the implementation of our strategy of becoming an energy company and should provide a great base of income and assets as we move our attention to our wind and solar projects.”
Since shareholder value is generated not only with increased cash flow and profit but with increased asset value as well, Force Fuels is planning to pursue the increase of reportable proven reserves in the fields through the strategic placement of new oil wells. Reportable proven reserves depend on geologists’ reports on areas that are currently producing, the company said.
