XNRG entered into three leasehold assignments with Sequachee whereby Sequachee retains an override royalty equal to 12.5% and each of the landowners will receive a royalty of 12.5% of the value of all oil produced and removed (if any) under the lease.
The company will own 100% of the working interest and 75% of the net revenue interest in these leases for oil and gas.
The Tillet lease, which has five shut in oil wells that have been drilled to a depth of 350ft to 385ft, is approximately 105 acres and is located in Lincoln County, Kentucky.
The Neeley lease is approximately 239 acres and is located in Jackson County, Kentucky.
The Gross lease, which has one gas well that is not connected to a gas pipeline system, is approximately 30 acres and is located in Clay County, Kentucky.
