BROOMFIELD, Colo., May 15, 2015 /PRNewswire/ -- T-Rex Oil,
Inc. (OTC: TRXO), an independent energy company engaged in the
exploration, development, production and acquisition of oil and
natural gas resources, with an emphasis on oil plays and with a
focus on Rocky Mountain region, today announced that it had entered
into a letter of intent to purchase 16,100 net mineral acres in the
Williston Basin with access to the Madison, Bakken, Three Forks, and Red River
Formations.
Located in Daniels County,
Montana, the net acreage is comprised of 36 leases that have
approximately a 24 month life with a net revenue interest of 80%
with a right to renew for 3 years.
The Company intends to purchase the undeveloped acreage for a
price of $7,000,000 through a
combination of cash, debt and equity and expects to close on the
purchase in July 2015, subject to
satisfactory due diligence.
"We are pleased to expand our oil and gas property portfolio to
include properties in the Williston Basin. This opportunity
will provide us with not only a foothold in the Bakken, but
continues to advance our growth and business strategy," stated
Don Walford, CEO.
About T-Rex Oil, Inc.
T-Rex Oil, Inc. is an energy company focused on acquiring,
exploring, developing and producing oil and natural gas properties
predominately in the central and western United States. The Company's executives have
extensive experience in managing oil and gas properties. Currently,
T-Rex Oil, Inc. has acquired producing wells, leases and water
disposal properties in Wyoming,
Nebraska, and Utah and is actively pursuing other expansion
opportunities in Colorado. The
Company's goal is to build steady, sustainable growth of its
inventory of oil and gas properties. Information about T-Rex Oil,
Inc. can be found at www.t-rexoilinc.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act of 1934, as amended. Actual
results and future events could differ materially from those
anticipated in such statements, and such forward-looking statements
may not prove to be accurate. These forward-looking statements
involve certain risks and uncertainties, including, but not limited
to, the following risks related to financial and operational
performance: general economic conditions; the Company's ability to
execute its business plan; changes in prices and demand for oil and
natural gas prices; delays and other difficulties related to
producing oil and natural gas; its ability to integrate
acquisitions; availability of sufficient capital to execute its
business plan; and other important factors which could cause actual
results to differ materially from those anticipated or implied in
the forward-looking statements. For further discussions of risks
and uncertainties, you should refer to T-Rex's SEC filings.
T-Rex undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after the date of this press release, except as required
by law, including the securities laws of the United States and the rules and
regulations of the SEC. Any forward-looking statements speak only
as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement.
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SOURCE T-Rex Oil, Inc.
