Formation Minerals (FOMI) Continues Forward Momentum Upon Agreement to Acquire Haynesville Shale Minerals

The emerging oil and gas company, Formation Minerals (FOMI) announced today that it has entered into a definitive agreement with a private seller to acquire Haynesville shale minerals located in Bienville Parish, Louisiana. The cash transaction totals $220K and will provide cash flow to Formation starting July 1, 2024. The company will be securing requisite financing to complete the acquisition which is expected to close on July 26, 2024.

Texas based Aethon Energy Management LLC currently operates the 3 producing oil wells and has pre-permits filed for an additional 6-9 wells. Atheon operates multiple oil rigs and wells in the area.

Additionally, upon its recent closing of the Verde Bio acquisition, Formation’s well counts are continuing to rise as over 10 new wells in the company’s oil and gas properties are being brought online. These assets are located on the Company’s Permian Basin and Haynesville Shales properties.

“The Company continues to actively evaluate a number of potential acquisitions as we continue to execute on our business plan, including raising responsible capital to deploy into strategic and accretive acquisitions for our existing portfolio, to maximize stockholder value. We recently completed two capital raises, raising gross proceeds of approximately $160,000, with the potential for an additional $200,000. Additionally, we expect to continue to pursue other strategic funding opportunities, including a possible uplisting to a national securities exchange,” concluded Mr. Cox.

About Formation Minerals, Inc.

Formation Minerals, Inc. (OTCQB: FOMI) is a pure play oil and gas company based in Jacksboro, Texas, engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the United States. The Company’s growth strategy relies primarily on leveraging management’s expertise to grow through the strategic acquisition of high quality revenue producing royalty interests and strategic and active management of our portfolios.

 

Disclaimer

This communication was produced by Prism MarketView, an affiliate of PCG Advisory Inc., (together “PCG”). PCG is an integrated investor relations, communications and strategic advisory firm. The information contained on this is ‘Paid Advertising’ for purposes of Section 17(b) of the Securities Act of 1933, as amended (together with the rules and regulations there under, the “Securities Act”). “PCG” and its affiliates are compensated by respective clients for publicizing information relating to its client’s securities. For more information in terms of compensation received for services provided by PCG, see the pertinent advertising materials relating to the respective client. By accessing this Site and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy…

Read Full Disclaimer

Share This Article

 

About the Author

Formation Minerals (FOMI) Continues Forward Momentum Upon Agreement to Acquire Haynesville Shale Minerals

Ashlee Vogenthaler

Markets Editor