Consolidation Services has entered into a non-binding Letter of Intent to purchase a number of mineral leases in California for $35 million which represents ongoing current production equal to 265 barrels of oil per day and 485,000 cubic feet of natural gas per day accounting for over $300,000 a month in net revenue.
The LOI outlines the terms acceptable to both parties and serves as a basis for a definitive Purchase and Sales Agreement for the acquisition of oil and gas production, reserves and operations maintained under 6 mineral rights leases. If completed, the acquisition will represent a significant and material increase in current production, proven reserves and revenue for CNSV. Management anticipates closing on the acquisition during the third quarter 2010.
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