Hinto Energy (OTCQB:HENI) announced it has come to an agreement about taking a 75 percent stake in an exploratory well to be drilled in Medina County, Ohio. Hinto will also have the interest in any future wells developed on the property, with the operator planning to drill and complete the first well during the fourth quarter of 2014.
According to the press release:
Hinto will retain a 75% non-operated interest in this initial well and any future wells developed on this property. Hinto has also established a 36 square mile AMI (area of mutual interest) with the operator, which could provide for additional drilling opportunities. The Operator is planning to drill and complete the first well during the fourth quarter of 2014.
George Harris, Chief Executive Officer of Hinto, said:
We continue to look at exploration and production opportunities that have the potential to produce reasonable results with minimal investment risk, and we believe this oil prospect in Medina County provides such an opportunity.
Click here to read the Hinto Energy Inc. (OTCQB:HENI) press release
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