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Update on Purchase of Cholla Assets in Kansas

Source: www.gulfoilandgas.com 3/21/2011, Location: North America

Sefton Resources, Inc., the independent oil and gas exploitation and production company, is pleased to announce that following the announcement made on 10 February 2011 concerning its intention to purchase additional assets in Eastern Kansas it has now signed a binding conditional purchase and sale agreement with Cholla Production LLC.

The assets to be acquired from Cholla are in Leavenworth County Kansas and include acreage (leases), wellbores, equipment and technical data in close proximity to the Cholla Pipeline which was acquired by Sefton in December 2010.

Subject to final due diligence, which is taking place, the purchase price is US$200,000 USD, which will be satisfied from existing resources. It is expected that the conditional aspects of the Agreement will be finalised by mid April with completion taking place by the end of April 2011.

Commenting today, Jim Ellerton, Acting Chairman and CEO of Sefton Resources said:

"These assets are in proximity to the Cholla Pipeline which we acquired in December 2010. They complement our strategy to aggregate and transport gas in the region by giving us a our own potential gas production base as well as the volumes of third party gas expected to move through our pipeline system".

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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