From the Wires
FIMA Announces Negotiations to Acquire a Privately Owned Oil and Gas Exploration Company for $9 Million USD
By: Marketwired .
Jan. 4, 2013 04:42 PM
DALLAS, TX -- (Marketwire) -- 01/04/13 -- FIMA Inc. (PINKSHEETS: FIMA), through the wholly owned subsidiary American Eagle Operating, LLC, announces it is in the final stages of negotiations to purchase an oil and gas exploration and production company for $9,000,000. The purchase price and main terms have been agreed upon and will be satisfied with a combination of cash and a promissory note. A Definitive Purchase Agreement is being prepared and it is anticipated that signing could occur within the next two weeks with closing to follow as soon as practicable thereafter.
The operating company has over 300 oil wellbores located on 25,000+/- acres of leases in the Permian Basin Region. At present less than 10% of the wells are producing. Engineering data has indicated that with a workover program to restore existing wellbores to producing oil wells and a developmental drilling program to increase the number of well bores, over 1000 BOPD could be achieved. The purchase of this company/property will increase the exposure of FIMA to other oil producing areas and continue the growth strategy developed by management.
The company also announces that it has filed the relevant quarterly information with OTC Markets Group to maintain the company's status of "Current Information," and the company will keep shareholders informed of developments as they transpire.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
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