The transaction is subject to agreement finalization and bank financing. Closing is expected in November. Platina will retain 50% of the acquisition and act as project manager.
Platina's President, Blair Merriam, stated, "This acquisition complements the shallow oil production recently acquired in East Texas. These wells are deeper Smackover formations that historically have produced several billion cubic feet of gas each. In addition to key drilling locations we'll own the only gas transmission pipeline for the area. This acquisition sets the stage for substantial growth in the four county areas between Oklahoma, Arkansas, Texas and Louisiana."
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