Standard Oil Company USA, Inc. (OTC: SOCU) Signs Final West Virginia Purchase Contract and Releases Deal Details

by Zagros on August 16, 2020

DALLAS, TX — (MARKET WIRE) — 08/16/10 -
STANDARD OIL COMPANY USA, INC. (PINKSHEETS: SOCU) announces it has signed the final Purchase Contract for the 18,000 acres of Natural Gas / Coal Bed Methane Properties in West Virginia.

The West Virginia Purchase Contract is structured as follows: Standard Oil Company USA will purchase 100% of the Membership Shares of Kentucky River Energy, LLC who are the West Virginia Property owners. For this, the Members of Kentucky River Energy, LLC will receive $5.5 Million plus a 2% over-ride royalty on property production revenues. Included in this purchase package will be 15 million restricted SOCU.PK shares of common stock. This will not be a new issuance as the company already holds this stock issued and thus it will not affect the companies issued and outstanding position.
The West Virginia Properties alone are expected to deliver approximately USD $30 Million in revenues annually.

More on the West Virginia Properties can be found on the company website www.standardoilcompanyusa.com then selecting “Projects” followed by “West Virginia Developments.”

Read More  http://www.marketwire.com/press-release/



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