Brenham Oil & Gas Corp. (BRHM) to Acquire Properties in the Permian Basin
Brenham Oil & Gas Corp. is an independent oil and gas company engaged in acquiring hydrocarbon properties. The company's focus is on two areas – the United States and internationally in locations such as sub-Saharan Africa. The company announced today that it has signed a letter of intent to purchase for $6 million an operating oil field including approximately 200 existing oil wells situated on 5,000 acres of the Permian Basin located in Midland, Texas. As part of the transaction, Brenham will also commit another $6 million to a development program for the purpose of substantially increasing the current production…