Consolidation Services to Purchase O&G Wells

Consolidation Services has entered into a non-binding Letter of Intent to purchase a number of mineral leases in California for $35 million which represents ongoing current production equal to 265 barrels of oil per day and 485,000 cubic feet of natural gas per day accounting for over $300,000 a month in net revenue.

The LOI outlines the terms acceptable to both parties and serves as a basis for a definitive Purchase and Sales Agreement for the acquisition of oil and gas production, reserves and operations maintained under 6 mineral rights leases. If completed, the acquisition will represent a significant and material increase in current production, proven reserves and revenue for CNSV. Management anticipates closing on the acquisition during the third quarter 2010.

Company: Consolidation Services, Inc. (CNSV) more info
 - Consolidation Services to Purchase O&G Wells (Jun 01)
 - CNSV Acquires 39 Oil Wells, Additional Acreage (Apr 05)
 - CNSV Adds Three New Members to Board (Apr 05)