MEM manages Midwest Energy Ventures, which owns Travell Energy located in Bowling Green in the US state of Kentucky.
Travell has controlled over 4,000 acres in oil and natural gas leases with over $2bn in reserves and has been in the oil and gas business for over 20 years.
All State said if the acquisition is successful, it will use shares and debt to acquire goodwill and possible tax losses in MEM.
The company intends to utilize MEM and Travell as a catalyst for its entry into the oil and natural gas business in Kentucky.
