Under the binding terms of the current executed agreement, Mineral Hill Industries ("MHI") will own 100% working interest in leaseholds located in Oklahoma’s counties of Beaver, Canadian, Creek, Kingfisher, Major, and Okmulgee County.,. The entire leasehold estate is approximately 4300 acres covering the Anadarko basin, Arkoma, Cana, Scoop, and Stack.
The Company will have an inventory of approximately 80 wells non-producing, in addition to some wells within the categories proved, undeveloped, and probable undeveloped locations, allowing for growth and exploration. Reworking of the wells will utilize bid and budgeted rework assessments as well as 3rd party geophysical analysis and interpretation.
The Oklahoma acquisition is an important part of MHI’s growth and development strategy to accumulate leaseholds with active/inactive wells containing economic reserves, low decline rates, and geological risk.