New book by Larry Connors Click here Improve your trading - See how
Previously the company had entered a non-binding term sheet to acquire 80% of ITFI.
The deal is subject to the receipt of a reserve report and drafting and negotiation of a final definitive agreement, as well as completion of due diligence and board approval.
ITFI owns the mineral rights for 481 acres in Woodward County, Oklahoma. This acreage is currently being explored via a joint venture agreement with Chesapeake Exploration Limited, which is entitled to drill up to five wells, Vortex said.
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