Premier has initiated the process to acquire a major property in Texas with substantial oil and gas production and reserves as well as other operating business interests.
The property is in excess of 400,000 contiguous acres encompassing a number of Texas counties. Its oil and gas production has produced 150,000,000+ barrels of oil since its initial production. The property is currently producing 35,000+ barrels per month. At one time, production was upwards of 300,000 barrels per month, and management believes that by reworking old wells with today's new technology, this production could again be attained. This does not include potential production from new wells.
The purchase price for this property is between $400,000,000 and $500,000,000 and will require an additional $100,000,000 for working capital and to finance a major drilling and development program. Premier Energy Corp. is working with major U.S. financial institutions to finance this acquisition. There are no assurances that this transaction will be completed.
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