Strategic American Oil has completed the purchase of the remaining 10% working interest in the Company's Calhoun, Texas Welder lease. The Company now owns 100% of the working interest in the producing 81-acre lease.
This 10% Working Interest purchase of the Welder Lease took place after the working interest investment had been fully recouped through production. This underscores both the skill with which the field is operated and the favorable market conditions of producing oil and gas from these proven zones. An independent engineering report, conducted by Lonquist & Co. LLC, demonstrates additional proven behind pipe reserves that make this acquisition attractive.
Company President and CEO, Jeremy Driver, stated, "The Welder Lease has been very profitable for the Company as we reached payout in a 24-month span. Production continues at a generous and healthy rate, and because of this we see it as in the best interest of the Company to lease the remaining 10% Working Interest in the producing wells. We are always ready to make investments when we believe the economics are in our favor. The Welder working interest lease makes good sense for our company and our shareholders."
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