In a recent purchase agreement, Grapevine, Texas-based financial asset recovery company Swordfish Financial Inc. (OTC: SWRF) acquired 100% interest of Catalyst Operations LLC and also acquired currently producing vertical wells and other vertical wells, the company said April 16.
Catalyst Operations is a corporation registered in Texas, the company noted.
The sellers in the purchase agreement are Ron Moss and William Rahauser, Swordfish Financial said.
"Our relationship with Mr. Moss, who is the CEO of Royal Oil Inc., provides an ongoing relationship whereby Swordfish will continue to acquire positions in many projects. It has been our sincerest desire for us to build a relationship to fund and acquire production in this vertical," said Clark Ortiz, CEO of Swordfish Financial.
Swordfish Financial entered the purchase agreement after several months and a structural overhaul that was detailed in February, the company said.
“We have the ability to increase our portfolio and thereby increase the valuation of the company through strategic acquisitions of cash producing companies," said Ortiz.A group of six wells is projected to produce between 50 and 150 barrels of oil per day (bbl/d), Swordfish Financial said. This group may also produce between 75,000 and 150,000 recoverable bbl in reserve, the company added.
Another group of 10 wells could produce between 20 and 40 bbl/d, the company said.
"This is the first of announcements to come of wells in queue which we are uniquely positioned to acquire from 15% to 45% of all productions," said Ortiz.
Catalyst will hold all the assets, Swordfish Financial noted.Recommended Reading
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