Formation Minerals, Inc., an oil and gas company specializing in the acquisition and management of oil and gas minerals, has announced its agreement to acquire mineral interests in the Haynesville Shale from a private seller for $220,000 in cash. The acquisition, expected to close around July 26, 2024, will entitle Formation to the cash flow from oil and gas production attributable to the property beginning July 1, 2024. The property, located in Bienville Parish, Louisiana, features three producing oil wells operated by Aethon Energy Management LLC and pre-permits for an additional six to nine oil wells. CEO Scott Cox expressed the company’s confidence in Aethon as an operator and excitement about the future prospects of the acquired assets. Formation continues to evaluate further acquisitions and raise capital, including a potential uplisting to a national securities exchange.

Oil and Gas, Energy, Natural Resources,United States, Louisiana, Texas

https://www.globenewswire.com/news-release/2024/06/27/2905158/0/en/Formation-Minerals-Inc-Enters-into-Definitive-Agreement-To-Acquire-Haynesville-Shale-Minerals.html