Petrotech Oil & Gas, Inc. (OTCPK:PTOG) signed a letter of intent to acquire 100% of the working interest, and 81.25% of the net revenue interest for 240 acres in Barbee/Brown lease from CAVU Resources Inc. (OTCPK:CAVR) for $0.4 million on September 17, 2013. Of the total deal value, $0.05 million will be paid at closing before September 24, 2013 and the remaining $0.35 million will be paid through a monthly payout of $0.02 million and will be covered by the net income on the already producing wells.
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- Petrotech Oil & Gas, Inc. signed a letter of intent to acquire 100% of the working interest, and 81.25% of the net revenue interest for 240 acres in Barbee/Brown lease from CAVU Resources Inc. for $0.4 million.