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Metawells Oil & Gas, Inc. Announces Merger Target South Plains Petroleum, Inc. Offers 10% Convertible Bonds to Fund Texas and Louisiana Well Development
Metawells Oil & Gas, Inc. Announces Merger Target South Plains Petroleum, Inc. Offers 10% Convertible Bonds to Fund Texas and Louisiana Well Development.
About this update from Metawells Oil & Gas Inc.
[{"type":"text","content":"\n\n\n\nMetawells Oil & Gas, Inc. Announces Merger Target South Plains Petroleum, Inc. Offers 10% Convertible Bonds to Fund Texas and Louisiana Well Development\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\nMetawells Oil & Gas, Inc. Announces Merger Target South Plains Petroleum, Inc. Offers 10% Convertible Bonds to Fund Texas and Louisiana Well Development\nPR Newswire\nHARRISON, N.Y., March 4, 2025\n\n\n\nHARRISON, N.Y., March 4, 2025 /PRNewswire/ -- Ronald Minsky, Chairman and CEO of Metawells Oil & Gas, Inc. (KOSK OTC Pink) is pleased to announce that merger candidate, South Plains Petroleum, Inc., (www.southplainspetroleuminc.com) is offering a new 10 percent convertible bond to fund further development of the Company's oil producing properties in the eastern Permian Basin of Texas and the development of a salt water disposal well in south Louisiana that will allow the Company to restart production from several highly productive oil and gas wells that are currently shut in because of the high cost of disposing of the saltwater that the wells also produce.\n\nThe convertible bond offering consists of up to 400 bonds with a face amount of $5,000 each that pay a 10% annual dividend and convert into 2,500 shares of the Company's common stock.  The bonds are available to accredited investors.\nSouth Plains' by-laws contain an annual dividend provision based on the price of oil over $60 and gas over $3 at which time the Company escrows 5% of the price it receives for dividends to shareholders\nSouth Plains has multiple properties in both the Eastern Permian Basin of Texas and onshore Louisiana near the Gulf with significant proven oil and gas reserves awaiting development.  \nThe most exciting feature of their main oilfield, centered on the Swenson Ranch north of Abilene, TX, is that the areas of pay are less than 3,000 feet deep and have already produced over 2.6 million barrels of oil. South Plains' in-house and third-party estimates of the Company's over 5 square miles of contiguous leases producing, proved and probable reserves of 2.25 million ...