Brighton Oil (NHCT.OB) has executed a final agreement to acquire 7,500 acres In Oklahoma. The property contains 7 producting wells which currently generate nearly $1,000,000 per year in income. In addition, Brighton intends to drill an additional 47 new wells at depths of 2,500 feet to 3,500 feet.
The total cost of the acquisition plus the drilling of the new wells is approximately 12 million dollars. The net revenue interest is 87% and a working interest of 100% over the lease.
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