Standard Oil announced the purchase of 24 Revenue Producing Oil/Gas Leases in Latimer County, Oklahoma from AAT Investments, Inc. of Oklahoma City, OK. The 24 leases are presently operated by Chesapeake Energy (www.chk.com).
The closing date of this purchase agreement is set for July 15th, 2010.
Ronald Brooks, Chairman of Standard Oil, said, "This acquisition not only marks our entrance into Oklahoma's vast oil and gas reserves but also furthers our quick approach to revenues for Standard Oil by purchasing interests in existing production. Further, this acquisition allows us to drill our own wells on these leases wherein we know we have proven reserves."
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