Superior Oil and Gas Co. Closes Sale of Half Its Interest In Two Oklahoma Wells and Adjacent Acreage
Superior Oil and Gas Co. (OTCBB:SIOR) entered into and closed an agreement on November 15 with the W.S. Trust of New York City regarding the trust’s investment in half of Superior’s working interest in two oil and natural gas wells in Oklahoma that are in the final stages of completion and the First Right of Refusal to participate in any direct offsets to be drilled in Superior-owned adjacent leasehold acreage, announced Dan Lloyd, President of Superior. The wells and acreage are Superior’s Windy Vista Well No. 1 and 320 acres located in Garfield County and the Lonesome River Well No. 1 and 160 acres located in Blaine County. The amount paid to Superior for these interests, was $3,000,000 cash, Lloyd said.
The trust’s investment of this $3,000,000 also entitles it to have a Right of First Refusal to participate in all of Superior’s future drilling prospects. “We have disclosed to the trust’s representatives our immediate and near-term drilling plans and opportunities. We at Superior Oil and Gas are delighted to welcome this fine New York family to the opportunity to deploy some of its assets in Superior’s planned drilling activities,” said Lloyd.
About Superior Oil and Gas Co.
Superior Oil and Gas Co. is an independent oil and gas developer and producer, which has accumulated oil and gas leases in Oklahoma and Texas totaling 7,883 acres, and has other properties under review for acquisition.
This Press Release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as ‘expect’, ‘anticipate’, ‘believes’, ‘plans’ and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and superior’s ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.