Arizona-based WW Energy Inc. (Pink Sheets: WWNG) today announced it has signed a Letter of Intent to acquire Producing Wells in Terry County, Texas. As a holding company in the business of acquiring oil and gas service companies and related assets, WW Energy is conducting an engineering study expected to be completed in the near future.
According to the press release, the opportunity to acquire a stake in the Producing Wells is expected to generate a cash flow near $500,000 per month for WW Energy. Drilling of the fields commenced in 1999, and since then, more than 50 wells have been drilled and two dozen wells have been identified to drill – some of which are development wells. As of October, six wells have been completed. Currently the field is producing about 2,150 bbls of oil and 3,985 mcfd per day.
WW Energy has exploitations projects in Texas, Utah and New Mexico, and has operations in Colorado and Arizona. The company is also involved in transporting water for oil drilling and exploration as well as waste water for disposal. Services for the transportation of drilling and well equipment used in the exploration industry are also offered by the Company.
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