Formation Minerals (FOMI) Executes on Strategic Acquisition Strategy Through Recent Sale of Assets

Oil pumps under a sunset sky.

Emerging oil and gas company, Formation Minerals, Inc. (FOMI) announced the sale of five non-core lower performing assets for $140,000 to a private buyer. The sale was completed on May 21, 2024. This highlights the company’s portfolio management abilities and execution of its strategic acquisition strategy. Formation’s strategy focuses on buying low-cost assets that monetize as commodity prices rise all while producing continuous cashflow.

The company intends to reinvest the net proceeds from the transaction while evaluating multiple opportunistic acquisitions. Additionally, Formation aims to raise capital to maximize value from its acquisitions that will ultimately benefit shareholders. As Formation continues to implement this business model it focuses on its long-term goal of building a high-performance portfolio that is actively managed.

Formation’s President and CEO, Scott Cox, stated, “We pride ourselves on the ability to be both creative and agile in this highly lucrative energy market. We are very pleased with our portfolio of assets and the combined growth in revenue and development of new wells but continue to analyze our portfolio for opportunistic divestitures of other non-core assets at attractive profits.”

About Formation Minerals, Inc.

Formation Minerals, Inc. (OTCQB: FOMI) is a pure play oil and gas company 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 opportunistic non-producing mineral interests.

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Formation Minerals (FOMI) Executes on Strategic Acquisition Strategy Through Recent Sale of Assets

Ashlee Vogenthaler

Markets Editor