Alpha Energy, Inc. announced it has entered into a Purchase and Sale Agreement to acquire 28 oil and gas wells and other assets in the Mercury Project in Seminole County, Oklahoma. On May 26, 2022, Alpha entered into a definitive Purchase and Sale Agreement (PSA) with various Sellers to acquire certain oil and gas assets in the Mercury Project. Under the terms of the PSA, Alpha will acquire a 75% Working Interest and be Operator of the project, with a private entity taking a 25% non-operating position.

Alpha shall make a cash payment of $562,500.00 toward the total purchase price of $750,000.00, with $25,000 of the total to be placed in an escrow account. Sellers also receive a 2% overriding royalty interest. The PSA has an Effective Date of May 1, 2022, with Closing to occur on or before August 1, 2022.

The PSA allows for customary Title and Environmental Due Diligence to be performed by Buyers, allows for termination of the transaction for any reason up until July 5, 2022, or allows for termination until the day before Closing if the aggregate of any Title and/or Environmental Defects exceeds 30% of the Purchase Price. Alpha's wholly owned subsidiary, Alpha Energy Texas Operating, LLC, will assume operation of the wells upon closing.