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Mineral Hill Industries Enters Into Agreement to Acquire an Oil & Gas Production Leasehold Estate in Oklahoma
Mineral Hill Industries Enters Into Agreement to Acquire an Oil & Gas Production Lease...
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[{"type":"text","content":"\n\n\n\nMineral Hill Industries Enters Into Agreement to Acquire an Oil & Gas Production Leasehold Estate in Oklahoma\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMineral Hill Industries Enters Into Agreement to Acquire an Oil & Gas Production Leasehold Estate in Oklahoma\nCanada NewsWire\nVANCOUVER, Feb. 21, 2018\n\n\n\nVANCOUVER, Feb. 21, 2018 /CNW/ - Further to the Company's news releases dated December 7, 2017 and December 14, 2017, Mineral Hill Industries Ltd. (\"MHI\" or the \"Company\") wishes to announce that it has signed a binding Letter of Intent (\"LOI\") to acquire an Oil and Gas operated Leasehold Estate of approximately 4300 acres, located in close proximity of one of Oklahoma's \"STACK play\" in the Anadarko Basin one of the best unconventional oil plays in the US with plenty of historical reports and geological data available. \n\nThe entire Leasehold Estate is privately held by seven corporate owners and includes any entity which holds an interest in the Leasehold Estate (the \"Seller\") and consists of certain Oil & Gas producing wells of the Estate and properties in the reported categories of \"Non-Producing\", Proved Undeveloped and \"Probable Undeveloped locations (jointly referred to as \"Estate-Assets\") as well as certain operating equipment and Seller's assignment of an established operating company registered in Oklahoma which will serve MHI as future operating entity. The closing of the transaction is subject to TSX Venture Exchange approval, satisfactory due diligence including commission a NI 51-101 report performed by an independent \"Qualified Person\" to confirm the data provided by Seller and by MHI. \n\nThe purchase price for the acquisition is US$ 3,000,000 (\"Acquisition-Price\") to be fulfilled through scheduled cash payments over a period of three years (the \"Transaction-Period\"). The Acquisition-Price will be secured through a mortgage carried by Seller as mortgagee, bearing annual interest payments of 5% which have to be paid in monthly installments as an Overriding Royalty Interest for the balance of the Acquisit...