The acquired assets located in the Greater Cisco area of the Uintah Basin of Grand County, Utah, include 4,783 gross acres in the Cisco Springs Fields with a net revenue interest of 80%.

The property also consists of 27 wells to be produced or re-worked, while some wells are planned to be connected to a gas pipeline and it also has many drilling locations that are prospects for offset wells.

Hinto Energy chief financial officer George Harris said the company has added second oil and gas property in the Uintah Basin area.

"We are currently connecting gas wells to a pipeline and expect to report initial oil and gas revenues this quarter," Harris said.

"The Company expects to finalize its field redevelopment plan in June and begin implementation in the third quarter of 2012."

Currently, the gas wells are producing between 5-15 barrels of oil every day which when connected to the pipeline and brought online can produce about 200,000 cubic feet of gas per day.

Hinto Energy will fund the acquisition using a combination of its convertible notes payable and cash.

Hinto Energy engages in the exploration, acquisition, and development of oil and gas properties.