Amco Finalizes Merger Agreement with Public Co.
Amco has completed a merger agreement with a US based public company trading on the OTCBB.
Amco focuses on in-fill drilling and fully developing proven US and Canadian fields. Current oil production/month is nearly 2,000 bbls. After the completion of a work-over plan on existing old production wells, the production is estimated to grow to 6,000 + bbls per month. The production consists of 10 wells in Manitoba, Canada (Bakken) spanning over 2,500 acres, 2 wells in Louisiana consisting of 6,000 acres, and 8 wells in another part of Louisiana covering nearly 5,000 acres.
Amco's initiative to go public is to gain additional exposure to the investment community and provide the Company liquidity to help support additional mergers & acquisitions. Amco is currently completing its audited financial statement in order to meet the requirement of going public through merger. Once this is done the transaction will finalize the conditions of closing and a press announcement will be made announcing the public company & merger details.
Manjit Singh Sahota, Founder & CEO of Amco Oil & Gas said, "After building up strong cash flows and securing significant lease holdings in highly prolific areas, going public to expedite growth was the natural next move. We retained Petro Lucre to consult us and provide us with the necessary resources to accomplish our goals." He continued, "Petro Lucre has been tremendous and has spent a great deal of time outlining all of our options and helping us understand the process while bringing us the resources to meet our objectives."