Standard Oil has signed an LOI setting the framework of the purchase contract for 18,000 acres of Natural Gas/Coal Bed Methane Properties in West Virginia.
Mr. Ronald Brooks, Standard Oil Company USA's Chairman said, "We are excited to announce the beginning of the acquisition of these properties in West Virginia and are now also negotiating the financing of this pending purchase contract. Upon completing the purchase of these Natural Gas/Coal Bed Methane Properties, Standard Oil will quickly begin to realize revenues from them within about 60 days. We estimate these revenues to run close to $30 Million per year. Exacted projections and production is presently being calculated and more pointed information should be available within about 2 weeks."
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