(Alliance News) - Attis Oil & Gas Ltd on Tuesday said it sold the lease for an acreage in Texas, US, for more than twice its initial purchase price.
The oil & gas firm sold the Bivins 115 lease in the Texas Panhandle for USD50,000. It purchased the lease to the asset for USD23,000 in October.
The company said the sale is part of an asset disposal programme, which will it provide an update on in "due course".
Shares in Attis are currently suspended from trading after the company in January said it signed a binding memorandum of understanding to acquire an undisclosed North American-focused oil & gas company.
As a result of the proposed deal, which would be considered a reverse takeover under AIM rules, shares in Attis were suspended from trading. They will not resume trading until Attis publishes either an admission document detailing the deal, or confirms that talks are over.
By Eric Cunha; ericcunha@alliancenews.com
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