Regal Resources has submitted a Letter of Intent to acquire a 570 acre oil and gas lease property in Pennsylvania.
According to independent reports the acreage includes over 100 wells with proved producing leases containing substantial reserves and would include but not limited to all oil and gas leases, equipment and contracts.
Harold Tutt, Regal Resources, Inc. President commented, "We are impressed by the swiftness and professional manner that these negotiations have taken shape and expect the transaction to conclude by July, 2010."
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