Nexia Holdings Inc., Salt Lake City, Utah, (Pink Sheets: NXHD) says it is nearing an agreement to acquire a 7% working interest in an oil and gas lease in Fisher County, Texas, in exchange for 3,000 shares of its series A preferred stock, worth approximately $30,000.

The sellers identity was not disclosed.

The lease features one operating well, Teagarden B, with production between 105 barrels and 160 barrels a month, according to reports from January-May 2009.

The proposed agreement calls for the closing to take place by July 21. Nexia says it will form a subsidiary in order to take ownership of the property.

Nexia president and CEO Richard Surber says, This is the first step of many more in our quest to acquire several additional income producing oil and gas properties. Nexia's staff is always looking for additional ways to diversify its asset base and [an] oil and gas' division will be a great addition.

Nexia is a diversified holdings company with operations in health and beauty and real estate.