Green Equity has signed a Letter of Intent (LOI) with a Houston-based private company to acquire a 250-acre oil and gas property located in Nueces County, Texas.
The property contains one producing well and proved undeveloped locations, which the Company anticipates to drill and complete in the next 60 days. Under the terms of the LOI, Green Equity Holdings will acquire the property for a price of $2,000,000, paid for in cash, promissory notes and/or Green Equity Holdings' stock.
"Our LOI is aligned with our new strategy to focus on opportunities within the oil and gas industry," said Raymond Dias, president of Green Equity Holdings, Inc. "We plan to acquire natural resource properties that contain already producing wells or those that can be brought into production in the near-term. We believe the timing is right to acquire oil and gas wells at a discount to the market, and then turn them into productive, cash-generating assets for the benefit of our shareholders."
The purchase and sales agreement is expected to be signed by April 29, 2011, and is subject to the approval of the companies' Board of Directors.
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