Start Scientific, Inc. (STSC) Purchases Option to Acquire 1,500 Acres of Leases in Southeast Texas
Start Scientific announces today that it has acquired an option to purchase 1,500 acres of leases northwest of the town of Palacios, Matagorda County, Texas. Collectively known as the Airport Lease, the acres of leases require tendering of $150,000 to the city of Palacios by February 5, 2015. The company is required to pay gross revenue royalties of 18.75% to the city of Palacios and 1.25% royalty to XXI Oil & Gas, LLC upon production in accordance with the lease. After making the payment, the company will have three years to get the Airport Lease into production. The Airport Lease…