Elite Group Inc. (fka ELTZ)

[TRAPPER JIM]

Last Press Release said no increase in the O/S for acquisitions.
https://globenewswire.com/news-release/2017/07/06/1039788/0/en/Elite-Group-Inc-Signs-Purchase-Agreements-for-2-Properties.html
FRISCO, Texas, July 06, 2017 (GLOBE NEWSWIRE) -- Elite Group, Inc. (OTC:ELTZ) is proud to announce the signing of a Purchase Agreement to acquire a 75% Working Interest in the previously announced 2 well package in the Permian Basin of Texas. The company has arranged for $200,000 in debt financing for this acquisition, increasing shareholder equity without increasing the number of outstanding shares.


Initial production from these wells is estimated at 20 barrels per day plus 350 – 400 MCFD, indicating a payout of approximately 12 months. The wells are both in the San Andres formation, at around 4500 feet in depth. This formation is a multi-billion barrel field in the Permian Basin.

The second Purchase Agreement is for Bullseye Yard Services, LLC. We will hold a 100% ownership of the company. Bullseye is an existing tank wash facility and oilfield equipment cleaning company located in Big Lake Texas. They currently service many locations in the Permian basin and Elite feels that they would be a perfect fit for our growth strategy.

Elite has arranged for $350,000 in debt only financing for this purchase, again increasing shareholder equity without increasing outstanding shares.

We anticipate a quick closing of these acquisitions and will give greater details of both projects at close.