CNSV Acquires 39 Oil Wells, Additional Acreage
Consolidation Services acquired 39 oil wells, 19 gas wells and approximately 1,500 leased acres in Kentucky and Tennessee in twelve transactions at a total cost of $15,555,208; all paid through the issuance of 23,216,729 restricted CNSV shares. CNSV unregistered shares were valued at $0.67 per share, a 29.5% discount from the average price of all CNSV shares traded in March of 2010 on the OTCBB. The purchase price equaled the amount the original investors in each transaction paid to acquire and develop the acquired oil and gas assets. The acquired gas wells are part of a larger lease, which management believes is a potential opportunity. Although the gas wells are shut in, management has a plan to commence production again and acquire a number of other adjacent gas wells.
Dr. Thomas, CEO said, "These acquisitions are a significant beginning in the execution of a CNSV strategy to acquire oil and gas assets in exchange for CNSV common stock." Management intends to use shares of CNSV to acquire significant assets and to recruit an experienced oil and gas management team.