Surge Global Energy, Inc. has acquired 70,000 acres of oil and natural gas lease rights in the Permian Basin in western Texas. The oil and gas development company bought the rights in the field from Amazing Energy, Inc.
The two companies announced Aug. 22 they had signed a letter of intent for Surge Global to take over 100-percent working interest in future well development in the Texas field as well as other leasehold interests. Surge also now has a majority shareholder ownership of Amazing Energy.
Surge Global Energy CEO Clark Morton said final negotiations are being completed.
"Amazing Energy has an impressive oil and gas management and development team we have come to know very well over the past year," Morton said. "We are proud of what the team has accomplished to date and we are all eager to complete the funding for this project, maximize the development process and bring about an increased realization of oil and gas reserves."
Amazing Energy currently has 15 oil and gas development wells drilled in the Permian Basin, according to Morton.