Sino American Oil Company entered into an agreement in principle to acquire an unknown majority stake in OIL PRODUCING PROPERTY IN TEXAS from Estacado Energy, LLC. for $0.65 million.

Sino American Oil Company (OTCPK:OILY) entered into an agreement in principle to acquire an unknown majority stake in OIL PRODUCING PROPERTY IN TEXAS from Estacado Energy, LLC. for $0.65 million on November 16, 2021. The purchase price is $600,000.00 USD and is payable as follows: $25,000.00 at closing/signing of a definitive agreement, $125,000.00 payable on or before January 6th, 2022, $250,000.00 to be paid on or before March 1, 2021, and $200,000.00 in common SEC 144 stock in shares of Sino American. A further $50,000.00 will be advanced on or before Jan 6th, 2022, as a capital contribution towards operations to recomplete existing wells and to boost the current production of other existing wells. Company has located and completed due diligence on the Piave Oil Field in Texas.