Natural Gas Resources Corp (“Buyer”), a Nevada corporation, for the purchase of certain assets operated by a wholly owned subsidiary of the Company, US Natural Gas Corp WV(SELLER).
Under the terms of the LOI, the Company is to receive consideration in the amount of One Million Dollars ($1,000,000) with Three Hundred Thousand Dollars ($300,000) to be paid at closing and the balance of Seven Hundred Thousand Dollars ($700,000) to be paid from production. In exchange, the Company will transfer certain assets located in Wayne County, West Virginia. The transaction is scheduled to close on or before March 19, 2013.
