F10 Oil & Gas to Acquire 14 Producing Wells in Utah

F10 Oil & Gas has signed a letter of intent to acquire a working interest in 14 producing wells in Uintah County, Utah. The acquisition will extend to an interest in all oil and gas wells drilled in a 2,801-acre area known as the Coyote Basin.

"This proposed acquisition fits into the F10 model of acquiring producing, cash-flowing wells," stated Jon H. Marple, CEO and Chairman of F10. "The wells are currently being operated by a strong management group, which is another important factor in determining our acquisition targets." Marple indicated that the Company anticipates closing on the purchase within the next two weeks and is actively in negotiations for additional acquisitions.