As another trading week begins this morning most investors are going to be looking into companies that had been in the news last week, and hence, the Silverton Energy Inc (OTC: SLTN) stock could be in play. The company was in sharp focus after it announced last Thursday that it had been successful in completing a major new acquisition.
The Acquisition
In the news release from Silverton Energy, it was announced that the c company, along with its subsidiary unit SLTN Exploration, had picked up 10.875% working interest in as many as 110 active oil wells. The oil wells in question are situated in the Walnut Bend Oil Field, Cooke County, in the state of Texas. It was also noted that Silverton Energy were expected to syndicate 90% of its working interest in order to complete the transaction, which was worth $2.4 million.
Further Information
It should be noted that the Walnut Bend Oil Field is a historic property and covers as much as 2500 acres in Cooke County. It has been one of the more notable oil and gas production sources for more than five decades and provided steady long-term returns. It may be a good time to add Silverton Energy to your watch lists.
CEO Comment
“We believe that this investment provides SLTN a chance to participate in an innovative oil and gas play at an ideal moment, one that we believe offers the potential for long-term value to our company,” said Sam Smith, SLTN’s CEO.
