The company has agreed to a purchase price of $21m plus three million warrants with a strike price of 50 cents to buy the interest in the oil field currently producing from 75 wells with plans to drill up to 20 additional wells beginning in 2012.
Upon completion of this acquisition, Eagle Ford Oil & Gas will increase its daily net production by 350 barrels.
The US-based company specializes in acquiring, exploring and developing oil and gas producing assets in the Gulf Coast region of Texas and Louisiana.
