PMD Updates on Planned Acquisition of O&G Properties
Plateau Mineral Development issued a statement providing details on the 28 wells that the company has obtained rights to via the impending acquisition of MEI. The merger of MEI's oil and gas interest into PMD is expected to be complete by the end of the month.
Last month, Plateau signed a letter of intent to acquire Matthews Energy Investments, LLC (MEI). MEI is a research and development management company that receives income from successful development projects. Three current sources of income for MEI are from oil and gas projects in Kentucky, Oklahoma and Michigan; all of which have a positive cash flow.
Each of the properties are located in areas where the basin is thriving and productive. Twenty three of the properties are gas wells in Kentucky, four are gas wells in Oklahoma and one is an oil and gas well in Michigan.
Robert Matthews of Plateau Mineral Development, Inc., states, "The 28 wells continue to produce an income stream which will flow into MEI/PMD Inc. We may have an opportunity to sell the Michigan property; if all goes well, we will recoup the investment a few times over."