Nexia Holdings has closed on the acquisition of a 7% working interest in an oil and gas lease located in Fisher County, Texas.
Nexia has formed a subsidiary named Diversified Oil & Gas, Inc. which will hold oil and gas properties exclusively. CEO Richard Surber stated, "Nexia has its eye on two additional working interests in oil & gas leases, located in Texas as well. I hope to be signing an agreement to acquire additional interests in the coming weeks. I am very pleased with the current acquisition and hope to build this segment of the business into a substantial cash producing operation in the coming years. Diversifying into the energy sector should have long term benefits for Nexia."
The lease is located in Fisher County, Texas and currently has one operating well on the property known as Teagarden B. Production reports, obtained from the governing regulatory body in Texas, indicate that production for the months of January 2009 through May of 2009 at between 105 and 160 barrels per month were reported.
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