Fox Petroleum announced that it is acquiring Renfro Energy LLC and Cameron Parish Pipelines LLC for three-hundred thousand dollars ($300,000) in cash.
"Currently there are four wells on the property, two oil wells, one salt-water disposal and one shut in well with future utility," said James Renfro, President of Fox Petroleum Inc. "We fully expect that the two oil wells within thirty days expect to be producing between fifteen to twenty barrels a day or close to six hundred barrels per month," he added.
Mr. William Lieberman, CEO of Fox Petroleum, said, "We look very forward to these acquisitions that no doubt will add significantly to the bottom line of Fox Petroleum in due course. We feel that we are paying a very decent price for long term assets that have great value. We are very confident in working with Mr. Renfro in all capacities, and feel that all shareholders will benefit in the long term. This is strictly a cash deal to start, Fox Petroleum is giving up no equity at this time."
Fox Petroleum expects to complete the transaction of both Renfro Energy LLC and Cameron Parish Pipelines LLC by October 31, 2011 upon completion of PCAOB audits.
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