HXPN Inc. recently signed a letter of intent with Mid-Con Energy Operating LLC to invest up to $100 million in a variety of Mid-Con’s projects.
Mid-Con is a Tulsa, Okla.-based oil and gas exploration and exploitation company with projects located in oil rich basins throughout the Midwest containing almost 10 million barrels of potential recoverable reserves. The company’s expertise is secondary recovery in existing conventional oil fields that have lost reservoir pressure, but still have significant remaining recoverable reserves.
According to a release by HXPN on April 22, Mid-Con has identified a number of projects and prospective fields that are excellent candidates for the secondary recovery method and it expects to move quickly to acquire the necessary lease acreage, and to begin to fully develop the projects.
“We are pleased to be working with HXPN to close this transaction,” Randy Olmstead, founder and manager of Mid-Con, commented in the release. “HXPN will help us to realize our goals and to create long-term value in the projects that we plan to develop.”
Other prospective fields identified and screened by Mid-Con could contain an additional 20 million barrels of recoverable oil. The parties are currently performing their respective due diligence and expect to close the transaction in June.
The letter of intent with HXPN, an emerging technologies and mineral resources development company based in Dallas, also includes an option to invest additional capital at HXPN’s discretion and upon meeting certain funding targets.
“Randy and the Mid-Con team have identified many significant exploitation opportunities that can be realized at attractive economics and they have invested significantly, both in time and resources, to assemble and formulate their plans,” Steve Bailey, president and CEO of HXPN, said in the release. “We look forward to helping Mid-Con carry out its mission.”
HXPN is engaged in the acquisition and development of emerging technologies that will impact everyday life plus seeks to acquire mineral resources necessary for the sustainability of daily life in our ever-changing world, according to its release.
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