Teryl Resources Corp. has agreed to purchase, from IAS Energy, Inc., an additional 40% working interest (24% Net Revenue Interest "NRI") in three producing gas wells, located in Knox and Laurel County, Kentucky.
Teryl will now have a 80% working interest (48% NRI) in the Clarence Bright #1 in Laurel County, The Ken Lee in Knox County, and The Elvis Farris #2 in Knox County ("The Gas Wells"). The purchase price of The Gas Wells will be determined by an independent petroleum engineer. The operator of The Gas Wells is Young Operating Co., of Kentucky.
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