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Motor Oil Acquires New U.S. Oil & Gas Exploration Rights

Posted by Joseph Keefe

MOTOR OIL (HELLAS) announced that MVU Brazos Corp. acquired on 21/12/2016 100% interest in the Brookshire Salt Dome Project, in USA from Texas Edwards Inc., with effective date 31/8/2016.

MVU Brazos Corp. ("MVB" - registered inUSA) is a wholly owned subsidiary of Motor Oil Vegas Upstream Limited (registered inCyprus). MOTOR OIL (HELLAS) S.A. holds 65% of the share capital of Motor Oil Vegas Upstream Limited with the remainder 35% belonging to Vegas Oil and Gas Limited.
Texas Edwards Inc. ("TE" - registered inUSA) is an indirect wholly owned subsidiary of Vegas Oil and Gas Limited.
The Brookshire Salt Dome Project currently consists of mineral and surface lease rights for an area of 78 square miles northwest of Houston, Texas. The lease rights were acquired to investigate the potential for oil and gas minerals trapped in the area.
For the above, MVB paid to TE USD 2.56 million plus costs incurred in the interim period.

Dec 28, 2016

 

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