Plateau Mineral Development issued that the acquisition of 28 income-producing gas wells from MEI has been completed.
Plateau Mineral Development obtained rights to the properties via the impending acquisition of MEI. Last month, Plateau signed a letter of intent to acquire Matthews Energy Investments. MEI is a research and development management company that receives income from successful development projects. Three current sources of income for MEI are from oil and gas projects in Kentucky, Oklahoma and Michigan; all of which have a positive cash flow.
Each of the properties is located in an area where the basin is thriving and productive. Twenty three of the properties are gas wells in Kentucky, four are gas wells in Oklahoma and one is an oil and gas well in Michigan.
Robert Matthews of Plateau Mineral Development stated, "Now that the acquisition is complete, we can begin to move forward with projects that will increase our flow of income."
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