IWWI Announces Formation of Oil & Gas Subsidiary
Inform Worldwide Holdings (IWWI.OB) announced in a press release after today’s trading hours that the company has completed all necessary steps to form a wholly owned subsidiary named Round Boy Oil and Gas Co (RBOG).
Round Boy Oil & Gas, Inc. will hold all licenses, permits, bonds, and leases for the continued expansion of Inform Worldwide Holdings plethora of oil and gas products. Additionally, RBOG will also operate as Inform Worldwide Holdings future venture partner in any project that requires such a relationship.
According to the terms in the contract, RBOG will receive various assets through the Beckham coal bed methane lease located in Greene County, Pennsylvania. This coal mine contains three seams of coal.
1) The Washington Seam, approximately five feet thick, consisting of ten or more feet of overburden.
2) The Waynesburg Seam, approximately five feet thick, including an overburden of zero to approximately ten feet.
3) The Freeport Seam, located approximately 600 feet below the surface, will be used for strip mining coal and drilling of gas. There is already one pipeline in the area and another slated to be constructed.
RBOG will also hold the Mancabelli coal bed methane lease. This lease encompasses 31.64 acres located in Conemaugh Township, Indiana County, Pennsylvania.
Ash Mascarenhas, CEO of Inform Worldwide Holdings states, “I am very excited about these Pennsylvania coal bed methane leases, an area in which we are committed to growing. We believe southwestern Pennsylvania holds significant quantities of natural and coal bed methane gases, and it is encouraging to see large energy companies, some of which have invested upwards of $200 million into the Appalachian Basin, confirming our vision for the area”.
