West Texas Resources, Inc. (OTCQX:WTXR) (‘WTXR’) signed a letter of intent to acquire oil and gas properties from an independent oil and gas company in Bakersfield, California for $4 million on August 18, 2017. The purchase consideration will be paid in cash and stock. The letter of intent is non-binding and the closing of the transaction is subject to customary conditions, including WTXR's completion of a due diligence inquiry to its satisfaction, the negotiation and execution of definitive agreements and WTXR's ability to raise the capital needed to acquire the properties. West Texas Resources, Inc. (OTCQX:WTXR) (‘WTXR’) cancelled the acquisition of oil and gas properties from an independent oil and gas company in Bakersfield, California on August 18, 2018.