The company secured rights to the properties through the impending acquisition of MEI. Last month, it had signed a letter of intent to acquire MEI, which is a development management company that receives income from successful projects.
Three current sources of income for MEI are from oil and gas projects in Kentucky, Oklahoma and Michigan; all of which have a positive cash flow. The acquisition of MEI is expected to be complete within the next several days.
Robert Matthews of Plateau Mineral Development, said: “Our main objective in acquiring the aforementioned properties is to glean a steady oil and gas income, and to enhance the continued viability of the company. We are doing all we can to prudently enhance PMDP’s income figures.”
