Czech Republic Resource Enters LOI
Czech Republic Resource has signed a Letter of Intent.
Czech Republic Resource has signed a Letter of Intent with JEDI Energy Partners, LLC. We are extremely happy to be working towards the same common goals. JEDI has spent much of the last year researching and doing extensive due diligence in Angelina County Texas, which is East Texas just south of Lufkin, where the company has recognized several locations to drill and be productive. JEDI used Hydrocarbon Imaging Surveys alone with seismic and past well logs to determine hot spots on the leases. CZHC and JEDI have been in talks about a property to drill on that the Hydrocarbon Imaging Survey has a proved probable of 1.36 million barrels of recoverable reserves. CZHC and JEDI hope to finalize the JV Agreement and get started as soon as possible.