First Colombia Gold (OTCQB: FCGD) has signed a letter of intent to acquire a 19.5% interest in three private oil companies located in south central Kentucky.
The signed LOI outlines the structure of the transaction, which will give First Colombia a working interest in over 50 active producing wells, ownership in 39 active oil and gas leases covering 5,322 acres, as well as full title and ownership to six acres of real estate, which includes a 6,800-square-foot office complex and maintenance facility. The LOI also includes drilling and operating equipment including two drilling rigs and six completion rigs.
First Colombia Gold Corp. is a capital company focused on acquiring, developing and advancing natural resource, energy, and real estate projects in Europe, North America, and South America. The company acquires undervalued assets combining potential for building assets values and cash flow through leverage to improved operational efficiencies and development. Its current activity focus is on precious metal exploration in Montana in addition to planned initial activities of its energy division.