LOS ANGELES, CA / ACCESSWIRE / March 23, 2020 / Patric Barry, President of Tiger International Resources, (OTCPINK:TGILF)(TSXV:TGR) reports:
Tiger International Resources, through its 100% owned U.S. subsidiary named Darling Mine, has signed a Memorandum Agreement which acquires all of the outstanding ownership interest of Alibates Operating, LLC from Mannah LLC. Alibates Operating, LLC is the owner of 64 wells in the Barnett Shale, located on approximately 5,000+/- gross acres, and approximately 2,812 net acres of leasehold interest, in Parker, Tarrant and Wise Counties, Texas. Working Interest in the wells range from 20% to 75%. The wells are operated by its wholly owned subsidiary, American Star Energy & Minerals Corp, a Delaware corporation (hereinafter "ASEMCO") founded in 1979 as an Operator of Oil and Gas wells, and ANRE Gas Systems, Inc., a Texas corporation (hereinafter "ANRE") founded in 1988. ASEMCO also serves as a contract operator for forty-two (42) wells in the Texas Panhandle Field. In addition to being an Operator, ANRE Gas Systems, Inc., owns and operates approximately 10+ miles of gathering systems and associated compression in the Texas Panhandle.
The terms of the transaction include Darling acquiring all of the outstanding ownership interest of Alibates Operating, LLC in exchange for the issuance of 2,048,000 shares of common stock of Tiger International Resources, and the entry of a promissory note in the amount $1,000,000 USD payable to Mannah, LLC.
The vendor has ordered a NI51-101 report to be authored by an independent qualified person, the report which will further describe the assets, revenue figures, and a recommended work program. The transaction is conditional upon the 51-101 report containing a valuation which supports or exceeds the stated consideration, and acceptance by the TSX Venture Exchange.
Patric Barry, President of Tiger International, states, "The Alibates acquisition launches Tiger into an established oil and gas producing region and brings the company back into a cash flow position. Tiger flourished in the oil and gas industry in past decades and is pleased to have negotiated the Alibates acquisition on favorable terms during a downturn in market conditions. Tiger is seeking further acquisitions which can add to this newly acquired base of operations."
For further information please contact Patric Barry, President of Tiger International Resources Inc., at [email protected] or (949) 362.1600
SOURCE: Tiger International Resources Inc.