AGR Energy Holding Inc., a subsidiary of AGR Tools Inc., Dallas, (OTCBB: AGRT) plans to acquire three southern Texas leases from private vendor Jerry Cornwell for approximately $600,000 in cash and equity.

AGR Energy will issue the vendor 700,000 restricted shares, make a delayed $150,000 cash payment due upon drilling commencement and a $100,000 payment attributable to maintenance costs associated with the properties to date.

The leases consist of a 70% working interest in three leases which total approximately 547 acres.