Intelbahn has signed a letter of intent (the "LOI") with JayHawk Energy for the purchase of a coal seam natural gas property called the UnionTown Project located in Bourbon County, Kansas.
The property is located in the vast Cherokee Basin, which straddles Kansas, Missouri, Arkansas and Oklahoma. The property size is about 45,000 gross acres. Given the large amount of infrastructure nearby, and ability to purchase more leases, the Company intends to build a large scale natural gas production plant, which will feed into domestic natural gas wholesalers and suppliers.
The closing of the transaction contemplated by the LOI will occur no later than 20 business days after the October 11th, 2010 execution of the LOI or such other date as may from time to time be mutually agreed upon in writing by the parties to the LOI. As part of the LOI, Intelbahn will change its name to UnionTown Energy Inc.
The Company also announced that Mr. Jurgen Wolf is joining Intelbahn as C.E.O. and C.F.O. and a member of the Board of Directors and that Mr. Marshall Diamond Goldberg has come aboard as Technical Advisor and a member of the Board of Directors. The current two directors shall remain as board members but resign their executive positions.
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