Formation Minerals, Inc. Enters into Definitive Agreement To Acquire Haynesville Shale Minerals
JACKSBORO, Texas, June 27, 2024 (GLOBE NEWSWIRE) — Formation Minerals, Inc. (OTCQB:FOMI) (“Formation” or the “Company”), a growing oil and gas company with a focus on the acquisition and management of oil and gas minerals and royalties, today announced that it has entered into a purchase and sale agreement with a private seller to acquire certain producing mineral interests in Bienville Parish, Louisiana for $220,000 in cash. The acquisition is subject to customary closing conditions, including the receipt of adequate financing, and is expected to close on or about July 26, 2024. Pursuant to the terms of the agreement, Formation is entitled to the cash flow from oil and gas production attributable to the property beginning July 1, 2024. The Company is working to secure the requisite financing to complete this acquisition.
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