In connection with the company's stated objective to become an oil exploration and production company, Fima Inc. (PINKSHEETS: FIMA) announced that it has reached an agreement with American Eagle Operating LLC to acquire the majority working interest in six producing oil leases in Wichita County, Texas.
The acquired leases are comprised of 670 acres, and a total of 73 wells that are located on the leases. There are 65 oil wells with 57 currently producing and eight water disposal/injection wells. There are over 50 developmental drilling sites available for future growth.
Fima is in receipt of a qualified reserve report dated Sept. 24, 2012, prepared by Nova Resource Inc., which values the properties using a 10% NPV at $24,150,178. The purchase price will be a combination of shares and notes, and is subject to the entering into of a definitive purchase agreement. The company is planning a drilling program to increase production.
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