On April 18, 2013, Precision Petroleum Corporation (the "Company") entered into a Licensing Agreement with Nefco Petroleum, LLC ("Nefco"), pursuant to which the Company obtained from Nefco the right to license, use and sublease to other users certain proprietary equipment and processes relevant to the "frackless" drilling and mineral extraction technology commonly known as Direction Frackless Technologies ("DFT Systems") for an initial Term of ten (10) years.
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