Nevis Capital Corp. (OTC: OCEE) has entered into a letter of intent agreement to acquire a privately held Texas based oil and gas operating company, PanAmerican Operating Inc., which operates in three states, currently concentrating on projects in Texas.
PanAmerican Operating has an agreement with NationsGas Partners LLC and Dominion Gas LLC to develop the La Sierra Madera Project in the La Escalera Ranch lease. The La Escalara Ranch is a contiguous lease consisting of 230,000 net mineral acres under one lease. ExxonMobil/XTO entered into a development agreement in 2011 with NationsGas Partners and Dominion Gas on the La Escalara Ranch. Currently, NationsGas Partners and ExxonMobil/XTO each have development projects under way.
Nevis Capital expects to finalize the acquisition of PanAmerican Operating Inc. within the next 30 days.