MISCELLANEOUS :: MEMORANDUM OF UNDERSTANDING FOR THE ACQUISITION
Post# of 93
Posted On: 02/24/2014 9:05:44 AM
MEMORANDUM OF UNDERSTANDING FOR THE ACQUISITION OF OIL PROJECT(S)
(t)he Company has on 24 February 2014 entered into a memorandum of understanding (“MOU”) with All Powerful Investment Limited (“APIL”), a company incorporated in Hong Kong that is 100% owned by Mr Lau Yu, the Vice Chairman and Executive Director of the Company.
Pursuant to the MOU, the Company intends to:
(i) acquire from APIL, through the acquisition of Earning Power Inc. (‘EPI”), an oil project having operational oil wells located in the Illinois Basin with projected reserves of 1.1 million barrels of oil that is currently producing 170 barrels per day; and/or
(ii) invest in, directly or indirectly from APIL, an oil project having operational oil wells in the USA
with projected reserves of at least 15 million barrels of oil that is currently producing at least 1,000 barrels per day,
upon the completion of due diligence investigations on the same (“Proposed Acquisitions”). EPI is a private company incorporated in the British Virgin Islands and is an investment holding company that indirectly owns oil and gas wells interests in Illinois and Indiana, USA, through its USA-incorporated subsidiaries.
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