Nine of the 28 wells are currently producing natural gas, an additional three of the 28 wells have been drilled, tested and completed and await only the final installation of pump jacks, and the remaining sixteen of the 28 wells were producing wells earlier but were shut-in due to low prices for natural gas and require today varying degrees of work-over to become productive again. The 28 wells were acquired from William Foster, owner of Conquest Distribution Inc. and Foster Oil and Gas, for 300,000 shares of restricted SIOR common stock.
"This acquisition will generate immediate revenues for our company," said Lloyd. "In addition, we believe many of the presently non-producing wells that are part of this transaction have considerable potential. We are focused on creating shareholder value and are quite confident this acquisition from Mr. Foster does just that."
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