FRISCO, Texas, June 20, 2017 (GLOBE NEWSWIRE) -- Elite Group, Inc. (OTC:ELTZ) is proud to announce the signing of a Letter of Intent to acquire a 75% Working Interest in 2 wells in the Permian Basin of Texas. The lease is for 160 acres of land in Gaines County, and provides the potential for more wells to be drilled.
We anticipate a quick closing of this acquisition and will give greater details of the project once the Purchase and Sales Agreement has been finalized.
Elite Group CEO Terrence Tecco stated, “We feel that this project fits perfectly into our overall growth strategy. We have arranged for non-toxic funding for the wells, which will have a positive impact on our bottom line, and be good for our shareholders.”
The Permian Basin, located in Western Texas and Southeastern New Mexico covers an area approximately 250 miles wide and 300 miles long. It was first discovered in 1925 and to date has produced over 29 billion barrels of oil and 75 trillion cubic feet of natural gas. The basin’s top producer has production estimated at more than 230,000 barrels of oil per day.
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Source:Elite Group, Inc.