Indigo-Energy, Inc. (OTCBB:IDGG) announced this morning that the company has signed a Letter of Intent (LOI) with International Financial Corporation, LLC (IFC) to form Rivers West Energy, LLC. Under the terms of the LOI, International Financial Corporation has agreed to provide the company, upon the execution of a definitive agreement, with $624,000,000. On completion of the execution of the agreement, Indigo Energy will retain 60% ownership of Rivers West Energy, with IFC owning the remainder.
Steve Durdin, CEO and President of Indigo-Energy, Inc., said “Today’s announcement is a monumental step in the right direction for the Company – from both a strategic and financial perspective. Securing this capital would not only allow us to fully execute on our current growth initiatives, but would also provide us with a foundation for long-term success.” He went on to say, “This investment will allow us to fully develop our vision of an all-encompassing business model – one that includes drilling, production and infrastructure development all under one roof.”
Indigo-Energy is expecting to receive the first phase of funding in the upcoming weeks. The company is an independent Nevada energy company engaged in the drilling, development, production and acquisition of oil and gas reserves located in Kentucky, Pennsylvania, and West Virginia. Indigo-Energy Inc. also is involved in the drilling of developmental oil and gas wells on proven reserves.
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