Standard Oil to Acquire Ky. Properties
Standard Oil announced the execution of binding letter of intent to purchase the War Creek Project in War Creek and Mill Creek Districts, Breathitt County, Kentucky. Recorded from War Creek Energy, LLC, this leasehold includes 400 acres plus numerous production wells (immediate revenues) with some of the wells being fully equipped with tank batteries. Surrounding acreage will be available once Standard takes final ownership of these leases.
Ronald Brooks, Chairman, said, "This acquisition will be Standard's entry into Kentucky and only the beginning of our Appalachian accumulation of oil and gas properties. The numerous presently producing wells also mark the commencement of our revenue model."