Alpha Energy, Inc. and Konawa Dora LLC entered into a Purchase and Sale Agreement with Extron Logistics, LLC, Venis Exploration Company, Silverback Exploration, LLC, Dwain Venis, Bonnie Venis Aka Bonnie J. Venis aka Bonnie J. Geyman, and Tom Geyman, Bonnie J. Venis for $0.8 million.
May 30, 2022
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Alpha Energy, Inc. (OTCPK:APHE) and Konawa Dora LLC entered into a definitive Purchase and Sale Agreement with Extron Logistics, LLC, Venis Exploration Company, Silverback Exploration, LLC, Dwain Venis, Bonnie Venis Aka Bonnie J. Venis aka Bonnie J. Geyman, and Tom Geyman, Bonnie J. Venis. for $0.8 million on May 17, 2022. Under the terms of the Purchase and Sale Agreement, Alpha will acquire a 75% Working Interest and be Operator of the project, and Konawa Dora LLC is 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 Purchase and Sale Agreement 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. Closing of the transaction to occur on or before August 1, 2022.
Truleum, Inc. is an independent oil and natural gas producer. The Company is principally seeking to restart, rework and/or recomplete production from historic working interest/net revenue interest sites developed by others who have discontinued their operations due to economic conditions or costs. Its focus of operation is in the Mid-Continent and Rocky Mountain regions. It operates the Logan Project. Its acquired leases comprise approximately 2,080 gross acres of developed and undeveloped proven production in the Cherokee Uplift in central Oklahoma, including 34 well bores. In addition, the Logan Project contains additional probable reserves (all non-producing or undeveloped) of 4,645,290 mcf of gas and 1,429,780 barrels of oil. The Company sells oil and natural gas on the spot market.
Alpha Energy, Inc. and Konawa Dora LLC entered into a Purchase and Sale Agreement with Extron Logistics, LLC, Venis Exploration Company, Silverback Exploration, LLC, Dwain Venis, Bonnie Venis Aka Bonnie J. Venis aka Bonnie J. Geyman, and Tom Geyman, Bonnie J. Venis for $0.8 million.