Stellar Resources Ltd. has completed its agreement to purchase two private oil and gas companies with acreage and leases in the Rocky Mountain area. Stellar Resources Ltd. believes that the acreage has hydrocarbons that are economically recoverable.
Stellar Resources Ltd. purchased the Elk Hills Heavy Oil, LLC and the Four Bear Heavy Oil, LLC from Ray Jefferd and Glen Landry.
The assets of the Elk Hills Heavy Oil, LLC include 20,000 acres of oil and gas leases in Carbon County, Montana. The assets of The Four Bear Heavy Oil, LLC include 6,400 acres of oil and gas leases in Park County, Wyoming.
Stellar Resources Ltd. agreed to pay $250,000 to Jefferd and Landry, contingent on the company obtaining future financing for development of the properties. Stellar Resources Ltd. also agreed to issue to the sellers 3 million common shares of Stellar Resources Ltd. stock and pay a 5% net overriding royalty on pretax income on the properties.
Stellar Resources Ltd. is a mineral development company with a range of properties including uranium, tin and gold. The company’s properties are located mostly in Tasmania and Australia.
For more information on the company, go to www.stellarresources.com.au