3M currently owns and operates 15 leases and 42 wells in Shackelford and Stephens Counties in the US state of Texas.
New Western will issue stock and payments of cash, and grant to 3M’s shareholders a 30% working interest in any wells currently on the properties owned by 3M and in any and all wells to be drilled in the future by New Western on the properties owned by 3M as of the closing date.
New Western is an independent energy firm engaged in the acquisition, development and production of oil, gas and minerals primarily in North America.
