AGR Tools, Inc. (fka AGRT)

[FloridaGators1975]

News Article: Oil and Gas Stock in Focus; AGR Tools Inc.

http://www.smallcapnetwork.com/Oil-and-Gas-Stock-in-Focus-AGR-Tools-Inc-AGRT/s/via/7473/article/view/p/mid/1/id/168/

AGR Tools Inc. (PINK: AGRT), which focuses on the development, acquisition and exploration of oil and gas resources, has been making steady progress since signing a letter of intent to acquire a 700 acre oil lease.

AGRT had signed a letter of intent with Consolidated Oil and Gas to acquire an 80% ownership interest in the 700 acre Paul lease in Overton County, Tennessee.

Earlier this week, AGR Tools said that it expects to finalize the acquisition and execute an operating contract by June 15, 2012. Vern Wilson, CEO of AGR Tools, said this week that the very professional team at Consolidated has undoubtedly helped the acquisition to move smoothly. Wilson said that AGRT is excited to be moving so quickly on its first oil property and looks forward to developing the oil properties.

AGR Tools has already secured financing to achieve its strategic objectives. AGRT’s wholly-owned subsidiary, AGR Energy Holdings Inc. signed a binding financing agreement with Qeteras Ltd., a UK-based institutional investor.

As per the terms of the financing agreement, Qeteras will lend up to $20 million to AGR Energy for up to 30 years bearing a 10% interest rate per annum.

AGR Tools has also boosted its management team with the appointment of a seasoned oil and gas executive. Earlier today, AGRT said that it appointed Scott Allen to the position of CFO. Allen has significant oil and gas industry experience. In his role as CFO, Allen will be responsible for the day-to-day financial management of AGRT.

Wilson said that with the addition of Allen, AGRT is fully capable of undertaking additional projects and acquisitions as the company has a world class team.

Allen, meanwhile, said that he is excited to be part of a company which has enormous project opportunities, as well as funding commitments from a large financial partner.