Big Property Purchase Underway for Royal Quantum Group
Royal Quantum Group, Inc. has acquired an option to purchase an Oil & Gas property valued at $516.6 million. The 6,000-acre property is located in the state of Ohio, and includes 171 producing wells. The value of the property was determined by an independent Geological Asset Appraisal Report dated June 2007.
The value of the asset was discounted at 8%. The closing date of the transaction is on or before February 28, 2008 and is subject to financing.