Yaterra Ventures Corp. Enters Final Negotiations to Purchase Flagship Lease in State of Texas
09/12/2012 | 08:10am US/Eastern
Yaterra Ventures Corp (OTC: YTRV) announces today that it has entered negotiations to purchase a lot of 4 wells with recoverable reserves from family-owned operators in the State of Texas. These wells are estimated to bring in an average of 2.5 - 8 BOPD per well once re enter work is completed. The move is strategically in line with Yaterra's ongoing goal to acquire existing production from established producing operators in a step by step plan to establish long-term growth for the company alongside near-term revenue potential.
The wells have a conservatively estimated 50,000+ barrels in recoverable reserves which execs are confident this could easily double with some additional geological work planned for the wells upon acquisition. Yaterra CEO, Cedric Atkinson notes that, "these wells are not considered or classified as 'stripper wells'. This is an important factor because these particular wells will allow the company to bring a working asset to its balance sheet in the very near term."
Both parties have verbally consented to the acquisition and Yaterra is actively negotiating the initial down payment terms and development obligations toward a win-win.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
