Bonanza Oil & Gas entered into a Letter of Intent to purchase a 10% interest in a producing well and an option on two additional wells located in Logan County, Oklahoma.
Under the terms of the LOI, the Company will purchase the interest in exchange for cash and 5 million shares of restricted stock of the Company. The Company is also expecting to close on its LOI for the well in Garfield County, Oklahoma within the next week.
Bill Wiseman, CEO of the Company, stated, "We expect this acquisition to increase our cash flow from operations. We will also continue our strategy of buying currently producing wells that have potential for future growth."
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