On April 2, Scottsdale, Ariz.-based Mondial Ventures Inc. (OTC: MNVN) said that the common shares of its new majority-owned subsidiary Boomerang Oil Inc. began trading on the Canadian Securities Exchange under the ticker “BOI”.
Mondial Ventures had entered into an asset purchase agreement on Jan. 21 with the privately held and Toronto-based Shale Corp. to establish Boomerang Oil, which would be consolidated with Mondial to support its oil and natural gas development plans, the company said on Feb. 7 in its 8-K form, according to Mondial.
Boomerang will operate in Ward and Jones Counties, Texas, Mondial said, noting that Boomerang will drill its first deep well in the summer, targeting the Ellenburger formation in the company’s J. B. Tubb leasehold. Mondial also has operations plans for the leasehold’s Crawar Field, and for the Waddel and Wolfcamp areas as well, Mondial added.
The deep well in Ellenburger should be 8,300 feet total depth, and Boomerang has a capex requirement of about $1.6 million, Mondial said.
Mondial Ventures has oil and natural gas operations in Texas.
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