Nava Resources has entered into a Strategic Alliance with Fremont Exploration, Inc., ("Fremont") an Oklahoma City, Oklahoma based independent oil and gas exploration and production company. The Strategic Alliance will expose Nava to several attractive investment opportunities and should allow Nava to accelerate its growth and value creation programs.
The initial transaction of the Strategic Alliance is Nava's commitment to participate with Fremont in the exploitation of eight specific well defined production enhancement and/or redevelopment projects in Runnels County, Texas. Runnels County, Texas is located on the Eastern Shelf of the Permian Basin in West Central Texas. The Permian Basin is one of the major oil producing regions of the United States.
Nava and Fremont have executed a Letter of Intent covering the initial project. It is the intent of both companies to close this transaction as soon as they can and to commence redevelopment activities immediately thereafter. Nava's working interest in these eight projects will be up to 40%. After completion of the initial eight projects, Nava will have the right but not the obligation to participate with Fremont in additional reserve and production growth projects in Runnels County, Texas.
Nava's President and CEO, Jag Sandhu commented, "We are excited about this initial project and the abundant reserve growth opportunities that come with it. We are even more excited about the opportunity the Strategic Alliance provides Nava to benefit from the knowledge, experience and expertise of Fremont's management team as we jointly pursue an aggressive growth strategy."
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