subject: Masp.ob Reported That It Has Signed A Loi With Jka Ventures To Acquire Various Oil And Gas Leases Lo [print this page] Mass Petroleum (OTC:MASP) is an oil and gas production company backed by an experienced and dedicated management team.
MASP.ob is engaged in the acquisition of producing oil and natural gas wells, interests and leases from existing companies, governments, and through the open market.
** MASP.ob Signs LOI for Kansas Oil & Gas Leases **
MASP.ob reported that it has signed a LOI with JKA Ventures to acquire various oil and gas leases located in Kansas, USA.
The leases available to MASP.ob include high working interest oil operations with current production at approximately 12 bbl/d from several leases located in Crawford County Kansas. In addition, there are other prospective leases in the area MASP.ob will have access to as well for further development and drilling purposes.
The bulk of the production of the oil leases derives from the Bartlesville and Cattleman formations of Pennsylvanian age which fit into MASP.obs target area as mentioned earlier. The preliminary terms of the LOI assign a cost of the acquisition at $ 800,000 USD subject to MASP.ob completing its due diligence on the target leases in order to determine their economic value in todays market.
MASS Petroleum is an oil and gas production company backed by an experienced and dedicated management team. MASS Petroleum is engaged in the acquisition of producing oil and natural gas wells, interests and leases from existing companies, governments, and through the open market. For more information visit http://www.masspetroleum.com
Delta Petroleum Corporation (Nasdaq:DPTR), an independent oil and gas exploration and development company, announced today that it has entered into a Purchase and Sale Agreement (PSA) with Wapiti Oil & Gas, L.L.C. (Wapiti) to sell various non-core assets for $130 million. The parties expect to consummate the transaction in August.
The non-core assets to be sold to Wapiti include all of Delta's 31% working interest in the Garden Gulch field of the Piceance Basin in Colorado, all of its working interest in the Baffin Bay field of Texas, all of its interest in Piper Petroleum, half of its working interest in its DJ Basin fields, as well as half of its working interest in the following fields in Texas: Caballos Creek, Choke Canyon, Midway Loop, Newton, and Norian.
Delta also will sell to Wapiti its working interest in its acreage positions in the DJ Basin of Wyoming, Colorado and Nebraska; and other acreage in South Texas. Along with the sale of the working interests, Delta has agreed to allow Wapiti to operate the Newton and Midway Loop fields, as well as the other fields of Texas of which it was the operator.
DPTR also announced that it signed a new amendment to its credit agreement of its senior credit facility. According to the new amendment and upon the closing of the transaction, its borrowing base will be reduced to $35 million. Additionally, the amendment permits DPTR to spend up to $28 million in capital expenditures for the third and fourth quarter 2010.
Delta Petroleum Corporation (Nasdaq:DPTR) is an oil and gas exploration and development company based in Denver, Colorado. The Company's core areas of operations are the Rocky Mountain and Gulf Coast Regions, which comprise the majority of its proved reserves, production and long-term growth prospects. For more information visit http://deltapetro.com/
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