$MOLOF ~ Molori Energy has closed on the purchase
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Posted On: 06/13/2017 10:50:49 AM
$MOLOF ~ Molori Energy has closed on the purchase of a 25% working interest in the oil and gas production from certain leases owned by Texas-based Ponderosa Energy, LLC. In conjunction with the purchase. Molori committed USD $1,000,000 in working capital towards a program to complete workovers on the Texas-based leases in order to increase production.
Ponderosa, a domestic USA oil and gas production company, is the operator on the leases and is presently focused on aggregating and developing shallow conventional oil reserves in Texas. Ponderosa purchased these leases from distressed operators with highly-leveraged balance sheets and an inability to fund operations.
MOLOF and Ponderosa have chosen to collectively pursue assets which specifically exhibit the following properties: shallow reservoir, low geologic risk, moderate decline rates, and existing infrastructure. The focus of Molori and Ponderosa’s activities has been in the “Hugoton-Panhandle” field in Northern Texas. Learn more at: http://www.molorienergy.com
Ponderosa, a domestic USA oil and gas production company, is the operator on the leases and is presently focused on aggregating and developing shallow conventional oil reserves in Texas. Ponderosa purchased these leases from distressed operators with highly-leveraged balance sheets and an inability to fund operations.
MOLOF and Ponderosa have chosen to collectively pursue assets which specifically exhibit the following properties: shallow reservoir, low geologic risk, moderate decline rates, and existing infrastructure. The focus of Molori and Ponderosa’s activities has been in the “Hugoton-Panhandle” field in Northern Texas. Learn more at: http://www.molorienergy.com
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