DALLAS, Texas, Dec. 02, 2021 (GLOBE NEWSWIRE) -- HXPN, Inc., (OTCPINK: HXPN), an emerging technologies and mineral resources development company, today announced that it has signed a letter of intent with Sheppard Pool Energy LLC (SPE), an Oklahoma-based oil and gas exploration company, to acquire 75% of the equity interest of SPE. HXPN will provide the necessary capital to execute SPE’s business plan, which is focused on oil and gas exploration and production in the historically prolific shallow horizons of northeastern Oklahoma. SPE owns leasehold interests of just over 4,900 acres in northeastern Oklahoma. SPE has identified a minimum of fifteen re-completion opportunities in previously drilled but uncompleted pay sands within its existing leasehold with estimated daily production rates of 50-100 bpd per well. In addition to these re-completion projects, SPE has identified multiple new drilling locations on its leasehold. The 4,900 acre leasehold is estimated to contain oil equivalent reserves of 3,000,000 barrels. SPE also possesses an option to acquire a nearby 1,784 acre leasehold with existing production and similar re-completion opportunities within the same regional geology. Reserve estimates are not yet available for this optioned leasehold, but daily oil production is just over 100 bpd. Finally, SPE possesses a proprietary technology that facilitates the “skimming” of oil from well bores up to 3,000’ in depth without the need to handle produced water by leaving the water in the well bore. This technology addresses the age-old problem of handling water production in an economic manner. The parties are currently performing their respective due diligence and expect to close the transaction by December 31, 2021.
“We are very excited to have the opportunity to work with the SPE principals in the realization of their business objectives” said Steve Bailey, President and CEO of HXPN. “SPE and its principals have identified significant exploration/exploitation opportunities that can be realized at attractive economics and they have invested significantly to identify and formulate their plans. We look forward to helping SPE carry out its mission” added Bailey.
“We are pleased to be working with HXPN to close this transaction,” said George Underwood, Managing Member of SPE. “HXPN will help us to realize our goals and to create long-term value in our equity,” continued Underwood.
About HXPN, Inc.
Based in Dallas, Texas, HXPN is engaged in the acquisition and development of emerging technologies that will impact everyday life. Additionally, the company seeks to acquire mineral resources necessary for the sustainability of daily life in our ever-changing world.
Notice Regarding Forward-Looking Statements:
This news release may contain "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions for the future. Such forward-looking statements include, among other things, the ongoing effect(s) of domestic and world economic conditions and any related impact(s) on the potential business development and future interest in our technology and resources investments.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, and other domestic and world events. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
HXPN, Inc is currently a non-reporting OTC-quoted “Pink Limited Information” company, and has achieved compliance with recently-amended SEC Rule 15c2-11, which requires that “companies make current information publicly available to maintain a market.” Investors should consult all information set forth herein and on the Company’s website for the latest available information.
CONTACT:
HXPN, Inc.
Stephen L. Bailey, President
2911 Turtle Creek Boulevard, Suite 300
Dallas, TX 75219
(833) 250-6645
Investors & Analysts Contact:
HXPN Investor Relations
(833) 250-6645
ir@hxpninc.com
For more information, visit HXPN's website: www.hxpninc.com
