JayHawk Energy, Inc. reported the signing of a purchase and sale agreement with a private company "Missouri Gas Partners" for the sale of its assets in Crawford County Kansas, in exchange for $140,006 in cash and 286,550 shares of the Company's common stock. The 100% working interest of assets include five (5) completed coal bed gas wells & PNG (Petroleum & Natural Gas Rights) in 11,462 acres of leases.
The land base in this acquisition is contiguous to the "Galaxy Energy Inc" acquisition, set to close March, 31, 2008, which brings a group gas pipeline tied into sales.
"This acquisition significantly boosts the strength of JayHawk's land position in the Cherokee basin adding over 500 drilling locations." President and CEO Lindsay Gorrill added, "This acquisition will be included in our first phase of drilling & development, with evaluations of targets soon to be completed. The potential for economical productive growth is exciting to JayHawk and its shareholders," concluded Gorrill.
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