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Metawells Oil & Gas Inc. (KOSK), Global Oil & Gas Recovery Corp., Signs Letter of Intent with TEXXSTAR INC., to acquire the Shiloh Oil & Gas Project is SE Kansas.
Metawells Oil & Gas Inc. (KOSK), Global Oil & Gas Recovery Corp., Signs Letter of Intent with TEXXSTAR INC., to acquire the Shiloh Oil & Gas Project is SE Kansas..
About this update from Metawells Oil & Gas Inc.
[{"type":"text","content":"Metawells Oil & Gas Inc. (KOSK), Global Oil & Gas Recovery Corp., Signs Letter of Intent with TEXXSTAR INC., to acquire the Shiloh Oil & Gas Project is SE Kansas.HARRISON, NY, July 23, 2024 (OTC Disclosure & News Service) -- Metawells Oil & Gas Inc. (OTC Pink: KOSK) announces that Global Oil & Gas Recovery Corp. (GlobalOG) has signed a Letter of Intent (LOI) with TEXXSTAR INC., to acquire the Shiloh Oil & Gas Leasehold in SE Kansas.On May 16, 2024, Metawells Oil & Gas Inc. (the \"Company\" or \"KOSK\") announced that it had entered into a definitive agreement dated May 14, 2024 to merge with Global Oil & Gas Recovery Corp. an arm's length privately held company (\"GlobalOG\") incorporated in the state of Delaware.The transaction is structured as a shares exchange in which KOSK will acquire all the issued and outstanding capital interest or shareholdings of Global, in exchange for KOSK authorized but unissued common stock. The Shiloh Oil & Gas LeaseholdThis leasehold straddles 4 counties in Southeast Kansas – Allen County, Woodson County, Wilson County, and Neosho County. The 4 counties where the leasehold is located realized production of 719,217 barrels of oil and 7,299,945 MCF of natural gas in 2022.This project was last put together by Admiral Bay Resources in 2007 and produced over 3.8 BCF of gas for Exodus Gas & Oil LLC.Geology This project lies in the Cherokee Basin just to the south of the Bourbon Arch, which borders Kansas and Oklahoma. Available data and mapping indicate the basement structural features in the area of the state are located on the top of Arbuckle in southeast Kansas, as well as the top of the Mississippian Formation. Major structural features show that the Bartlesville Sandstone, Squirrel Sandstone and Mississippian are productive formations.This area is called the \"Coalbed Methane\" formation, which can be seen from the perforations on the cross section of the Sandstones, Bartlesville and Squirrel area of the reservoirs. Also, the Mississippian is usually a limestone formation, which has the potential for oil and gas and in certain areas helium.Shiloh Gas Project Highlights ⦁ 5,000 acres HBP⦁ 30 miles of shut in gas system⦁ Producing 500 MCFG/D when shut in⦁ 108 well bores⦁ Well depth 900'⦁ Potential to drill 150 more gas wells⦁ 50# gas gathering lines⦁ ...