FIMA Announces Negotiations to Acquire a Privately Owned Oil and Gas Exploration Company for $9 Million USD
January 04 2013 - 4:41PM
Marketwired
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.
For more information please contact: Mr. Keith Alexander Jr. CEO
1-713-817-9187 Email Contact