How is that a news release?....read this excerpt closely: "...announces its initial due diligence is favorable and it will soon be ready to move forward with final negotiations on its option agreement for leases..."
Translation:
"We started to look at something and we might be ready soon to talk about negotiating, for a possibility of getting an option that we might consider executing one day, with a working/net revenue interest terms that are not disclosed for a price that we cannot tell you about" - GEESH! Can they be any more vague than that?
Regarding the Pettit formation and Cherokee County - these are traditionally very small, shallow wells which produce a nominal amount of oil and associated gas. Ponta appears to be a part time oil and gas company that has 3-4 wells total.
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