Western Energy Will Acquire Firm’s Leases
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Western Energy Resources Inc. said it has agreed to acquire all the assets and oil and gas leases of privately held Petro Energy Management Corp. of Westlake Village.
Under a letter of intent signed Wednesday, Mission Viejo-based Western will exchange 3.75 million shares of its common stock, valued at $1.1 million, for Petro Energy’s assets and leasehold interests in 1,378 acres of oil- and gas-producing properties, including 13 producing oil and gas wells.
The wells, located in Texas, Pennsylvania and Kansas, have estimated reserves of 154,000 barrels of oil and 362,000 cubic feet of gas.
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