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Houston American Energy Corp acquires 25% interest
Texas-based publicly-traded independent energy company Houston American Energy Corp. announced that it has completely acquired 25% working interest in Permian Basin Assets. According to PR News Wire, the interest, which was bought from Founders Oil & Gas III, LLC, covers 717.25 acres in Reeves County, Texas. Founders Oil & Gas III, LLC will be the official operator of the acreage and will start drilling on July 1, 2017 in the Delaware Basin in west Texas. The purchase price per acre was $5,500 which costs Houston American Energy Corp. $986,000 to complete the acquisition. The company is set to purchase the same interest with Founders Oil & Gas III, LLC, making the total acreage position to about 800 gross acres.If your property has mineral deposits, it may be a good idea to sell your mineral rights. Get in touch with our staff at (512) 698-2802 to learn more about the ins and outs of the mineral industry. We can help you find buyers interested in your mineral rights.
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