RE: Market25 Jun 2018 16:42
Helpful RNS 8Aug17...... Mayan has acquired from Longview Oil & Gas, LLC ("LOG") a 70.0% working interest and 52.5% net revenue interest in two leases in the Forest Hill Field, Wood County, Texas and also an initial 100% membership interest (potentially reducing to 50% as set out below) of Pergerson Energy, LLC, ("Pergerson"), a registered operator with the Railroad Commission of Texas[, the oil & gas regulatory in Texas] (operator number 653595) for:
o US$ 110,000 in cash of which US$30,000 has already been advanced to LOG with the remainder due by August 15, 2017;
o Mayan's agreement to carry LOG to a maximum of US$63,000 of expenditure connected with the workover of the first six wells to be reworked (the "Initial Wells" all of which have been drilled in the last five years) and,
o Pergerson, will be used by Mayan to operate the assets and other than its registration as an operator with the Railroad Commission of Texas, has no other assets, liabilities or operations. Once the Forest Hill Field wells have been placed on Pergersen's Form P5 (required by the oil & gas regulator in Texas, the Texas Railroad Commission), by 6 September 2017 Mayan will sell 50% of Pergerson to LOG for US$ 25,000, such that that time Mayan and LOG will each have a 50% interest in Pergerson.