Southern ITS International, Inc. Subsidiary, Pure Oil & Gas, Inc., Enters Into Funding Agreement with ICS Energy, LLC
Southern ITS International, Inc. (OTC PINK:SITS) announced that its subsidiary, Pure Oil & Gas, has secured a first right of refusal agreement with ICS Energy, enabling them to fund future oil and gas explorations. In return, Pure will hold a 50% working interest in funded wells. Additionally, ICS granted Pure a 5% overriding royalty interest in all future wells drilled, linked to shares of SITS preferred stock. This agreement is aimed at bolstering Pure's operations in Texas, where ICS currently has 11 production wells.
- Acquisition of first right of refusal to fund future oil & gas exploration with ICS Energy.
- 50% working interest in wells funded by Pure Oil & Gas.
- 5% overriding royalty interest granted by ICS for future wells.
- None.
PALM DESERT, CA / ACCESSWIRE / December 16, 2022 / Southern ITS International, Inc. (OTC PINK:SITS) announced today that its subsidiary, Pure Oil & Gas, Inc. (Pure), has entered into an agreement with ICS Energy, LLC, a Texas limited liability company (ICS), whereby Pure is given the first right of refusal to fund certain future oil & gas exploration efforts of ICS in exchange for a fifty percent working interest in those completed wells which Pure funds. Additionally, in exchange for shares of SITS preferred stock, ICS has irrevocably granted to Pure a five percent overriding royalty interest, limited to the term of the underlying lease, in all future wells drilled and completed by ICS, irrespective of the funding source for such wells.
Jeremy Larsen, who was appointed President of Pure Oil & Gas, Inc., on November 1, 2022, stated, "We are pleased to reach this agreement with ICS which is an experienced oil & gas exploration company operating in the State of Texas and currently has 11 wells in production, according to ShaleXP. Furthermore, we have an agreement in principle to engage Marc Lundgren, a seasoned veteran in the industry, as a consultant for the acquisition of land leases in and around the regions targeted for exploration."
Mr. Larsen added, "In preparation of a capital raise, Pure Oil & Gas, Inc. will be undergoing a branding overhaul with a new website and newsroom for future communications to the public."
About Southern ITS International, Inc.
Southern ITS International, Inc. intends to own and/or control a portfolio of highly- successful businesses and will focus on a being a multi-national conglomerate. As a holding company, Southern ITS International is presently in the market to acquire a stake in various companies both public and private. It will also focus on building a direct sales network of various e-commerce internet applications, manufacturing, and internet sales of various products. We will build an experienced management team that will build a diverse portfolio, buying entire companies, or interests therein, involved in technology, oil and gas, manufacturing, real estate, and other sectors, which will then become operating subsidiaries of Southern ITS International.
Precautionary and Forward-Looking Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude or risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of several factors, and other risks identified in the Company's disclosures or filings with the SEC or OTC Markets, Inc. You are further cautioned that penny stocks and stocks of smaller companies like Southern ITS International, Inc. are inherently volatile and risky, and that no investor should buy this stock unless they can afford the loss of their entire investment.
Contact:
Southern ITS International, Inc.
Investor Relations
442-300-6522
info@sitsintl.com
SOURCE: Southern ITS International, Inc.
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