United Energy Signs LoI to Acquire Texas Panhandle Operator
United Energy Corp. has signed a non-binding Letter of Intent (LoI) to acquire an oil & gas operator in the Texas Panhandle, the company disclosed in a press release on Tuesday.
The unnamed target currently operates 15,000 acres, producing approximately 2,000 gross barrels of oil per day (b/d). In addition, the company also currently has over 100 additional drilling locations.
“Once finalized, it will immediately put United Energy on the map as a major player in the oil & gas industry,” said Sam Smith, CEO of United Energy. “Our management team is also actively in discussions with several other lease holders throughout North and South West Texas as the company continues to expand its holdings through acquisition. We believe this pending acquisition will bring immediate value to our shareholders and position the company for rapid expansion,” he added.
United Energy, based in Bismarck, North Dakota, is a vertically integrated oil & gas company listed on the OTC Markets exchange. The company is engaged in exploration and production operations, as well as natural gas and power marketing, crude oil marketing, and oil & gas midstream projects in the United States and Canada.
Under the terms of the current non-disclosure agreement, the target company will be announced upon the closing of the transaction. The completion of the transaction is subject to final due diligence of the target.