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Strategic American Oil Corporation (OTCBB: SGCA) $0.27. Announced on 4/21/10 that it has completed the purchase of the remaining 10% working interest in the Company's Calhoun Co., Texas "Welder" lease. The Company now owns 100% of the working interest in the producing 81-acre lease.
This 10% Working Interest purchase of the Welder Lease took place after the working interest investment had been fully recouped through production. This underscores both the skill with which the field is operated and the favorable market conditions of producing oil and gas from these proven zones. An independent engineering report, conducted by Lonquist & Co. LLC, demonstrates additional proven behind pipe reserves that make this acquisition attractive.
Company President and CEO, Jeremy Driver, stated, "The Welder Lease has been very profitable for the Company as we reached payout in a 24-month span. Production continues at a generous and healthy rate, and because of this we see it as in the best interest of the Company to lease the remaining 10% Working Interest in the producing wells. We are always ready to make investments when we believe the economics are in our favor. The Welder working interest lease makes good sense for our company and our shareholders."
What They Do: Strategic American Oil Corporation is an exploration and development company with operations in Texas, Louisiana, and Illinois. The Company draws on an internationally recognized team of geologists, engineers and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.
INFRAX Systems (OTCBB: IFXY) $0.026. Announced Monday after market close that it has entered into an agreement to acquire Trimax Wireless, Inc. (Trimax), a privately-held, leading edge designer, developer and manufacturer of advanced broadband wireless equipment and other innovative technologies.
Under the terms of the agreement, INFRAX Systems will acquire Trimax Wireless for approximately $10M in a combination of cash and Preferred stock, convertible into common stock at a price of $0.20. The final purchase price will be based on a third-party valuation of Trimax's business and holdings. INFRAX will continue to support the existing Trimax customer base and the development of future products based on the unique patented Trimax architecture.
What They Do: INFRAX Systems, Inc. provides a series of interrelated operational management, communications, and energy grid related products and services which enable a comprehensive and unified solution for communications and applications management of the Smart Grid, municipal and telecommunications networks.
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