Alpha Energy, Inc. completed the acquisition of 34 Oil and Gas Assets in Oklahoma in the Coral Project from Progressive Well Service, LLC.
March 08, 2022
Share
Alpha Energy, Inc. (OTCPK:APHE) entered into a Purchase and Sale Agreement to acquire 34 Oil and Gas Assets in Oklahoma in the Coral Project from Progressive Well Service, LLC for $0.84 million on February 11, 2022. Under the PSA Alpha shall make a cash payment of $600,000.00 less Option and Extension Payments previously tendered to Progressive amounting to $110,000 and guarantee to Progressive a further payment of 3% of the net revenue stream from any new wells drilled in the Coral Project until Progressive has received an additional $350,000.00. The closing of the PSA is subject to certain closing conditions and is anticipated to occur on or before February 28, 2022.
Alpha Energy, Inc. (OTCPK:APHE) completed the acquisition of 34 Oil and Gas Assets in Oklahoma in the Coral Project from Progressive Well Service, LLC on March 9, 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.
TRULEUM, INC. 
