pan>)--Navitas Land and Mineral Company, an oil and gas production
business, entered into a Memorandum of Knowing (MOU) with the Shengli
Highland Petroleum Equipment Co., also known as Highland, a Chinese
oil supply and services business based in Dongying City, China.
By means of this agreement, Highland will buy $15 million of Navitas
common shares and will make their oilfield devices technology
available to Navitas. Navitas will use the actual $15 million of expansion
capital for capital expenditures to formulate new oil wells upon five leases
controlled by means of Navitas, which will create new jobs. Navitas may purchase
exploration, drilling, in addition to development related petroleum gear from
Highland,Air Foamposite Max, and Navitas and Highland will certainly establish a workshop colocation
to assemble Highland equipment for introduction into the U,Air Foamposite sale.S. market.
“The agreement between Navitas Land and Nutrient and Highland
represents a huge fiscal boost for Madisonville”
The expansion backing and increased access to oilfield products
technology will help us achieve each of our production goals at a considerably
accelerated rate, said Navitas Lead designer and CEO Dan Williams. Most people
anticipate a mutually beneficial relationship that will help expand
Highlands market from the U.S,Foamposite Max Sale. and enable Navitas to get equipment
that is unavailable or difficult to obtain stateside.
The MOU was signed on September Several, 2012 by Dan Williams, Lead designer
and CEO of Navitas Land and Mineral, and Xiao Shaosong, Deputy Basic
Manager of Highland at Madisonville Urban center Hall. The MOU signing deducted
a formal celebration to initiate the sister city romance between
Madisonville, Kentucky and Dongying Location, China that was witnessed by
Chinese delegates and Madisonville City officials, including Mayor Mark
Jackson.
The agreement concerning Navitas Land and Mineral plus Highland
represents a huge economic increase for Madisonville, said Mayor Fitzgibbons.
Growth and job creation are paramount for our neighborhood and we are
pleased for the position that Navitas will continue to play to help us
build a robust regional economy.
Navitas Land and Nutrient is an oil and gas exploration,
progression and production firm established in 2009. Navitas acquires oil
and gas assets of advantage and develops them to their particular full potential,
applying classic drilling and enhancement approaches as well as
low-cost, non-conventional processes to dramatically increase oil and gas
recovery. The companys restoration efforts are focused on the Il
Basin, an area encompassing southerly Illinois, southwestern Indiana, and also
western Kentucky.
The Shengli Highland Petroleum Equipment Co., Ltd. is actually a petroleum
supply and solutions company with operations inside China and offices all around
the globe. Founded in '92, the company is a high-tech enterprise that will
focuses on developing, manufacturing, plus supplying a variety of
oilfield products for example drilling equipment, OCTG tubular goods,
manufacturing equipment, chemicals, high pressure pushes and oilfield
services.
Information Resource: Business Wire
September Eleventh, 2012 @ 04:31pm
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