The oil property is located in Tri-Rue (Reef) Field, in Scurry County, Texas.

Next Generation Energy Darryl Reed CEO said currently the property is producing approximately 1,000 barrels of oil and 660 MCF of natural gas per month.

The oil and natural gas is marketed through Sunoco, a subsidiary of Sunoco.

"We anticipate that this property, which was recently completed, will provide Next Generation Energy stable royalty income for the long term," Mr. Reed said.