AMG Oil Ltd. (AMGOF.OB) Enters Letter of Intent with Brownstone Ventures
AMG Oil Ltd., through its wholly-owned subsidiary Adira Energy Corp., explores for oil and gas in Israel within areas located on-shore in the Hula Valley and also 10 kilometers offshore between Netanya and Ashdod. The company currently holds two oil exploration licenses, the Eitan license and the Gabriella license, which together cover an aggregate total of about 129,000 acres. The company has announced that it has entered into a letter of intent with Brownstone Ventures, a Canadian-based energy investment company that holds interests in numerous international oil and gas properties. Pursuant to this agreement, Brownstone will have the right to…