India's Largest Database on New Projects
Strategic American Oil Corporation to acquire interest in Galveston Bay Production
18 August 2011: Strategic American Oil Corporation has entered into a non-binding LOI to acquire SPE Navigation I, LLC, a private Texas company. In consideration of the proposed Acquisition, the Company has agreed to issue to the shareholders of SPE an aggregate of 95 million restricted common shares of the Company upon the completion of the Acquisition.
The assets of SPE consist of oil and gas working interest equal to one third the working interest of the Company in and to four producing oil and gas fields located in Galveston Bay, Texas, together with one million shares of Hyperdynamics Corporation.
Source: Your industry News