AGR Tools Inc. (PINK: AGRT), a company engaged in the development, acquisition and exploration of oil and gas resources, has seen sharp decline in its shares in trading today.
At last check, AGRT shares were trading 37.50% lower at $0.225 on above average volume of 5.59 million. Despite the sell-off, AGRT shares gained more than 50% in the last three trading sessions.
On Tuesday, AGR Tools’ wholly-owned subsidiary AGR Energy Holding Inc. announced the signing of a memorandum of understanding (MOU) to acquire a 2,026 acre oil and gas lease located in Corsicana, Texas. AGR Energy signed the MOU with BNMW Resources LLC.
As per the terms of the MOU, AGR Energy will pay $450,000 for a 77% net revenue interest in the potential production from the property.
CEO Vern Wilson said that in conjunction with the lease owners, he performed significant amount of due diligence on the lease over the past several years. Wilson said that he is very familiar with the property and the local geology.
Recent Comments