Brenham Oil Acquires West Texas Oil Field Leases

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$0.5MM
Description

Acquired the leases of Dyess Oil Field near Abilene, TX, covering approximately 700 acres, gaining 1.4 MMBO probable.

Brenham Oil & Gas Corp., Houston, (OTCBB: BRHM), a subsidiary of American International Industries Inc., (OTCBB: AMIN) has acquired the leases of Dyess Oil Field near Abilene, Texas from an undisclosed seller for $500,000 in stock.

Brenham issued 2 million shares to the Dyess Field leaseholders.

The Dyess Oil Field leases covering approximately 700 acres with probable reserves of 1.4 million barrels of oil and is delineated by more than two dozen existing wells. Brenham's operating subsidiary, Brenham Operating LLC, will operate Dyess Field.

Brenham granted the owners of Dyess Field leases an overriding royalty interest.

Brenham president Scott Gaille says, “Brenham intends to restart production from selected Dyess wells and undertake water flood pilot programs in early 2012.”