TXLA: Acquisition of Oil and Gas Leases in Nevada
Texola Energy Corp. (TXLA) announced that under its Participation Agreement with Cedar Stat Corp., the Company has acquired approximately 102,000 acres of oil and gas leases know as the "Maverick Spring Prospect" which spans the borders of Elko and White Pine Counties, Nevada. Under the terms of the Participation Agreement, Texola will have a 100% working interest and an 80% net revenue interest in the Maverick Spring Prospect. Cedar Strat will retain a back-in working interest of 15% after payout. Texola is to pay Cedar Strat a total Prospect Fee of $1.1 million of which $100,000 has already been advanced, with the balance to be paid on or before April 14, 2006.
