NewsMV
An oil and gas acquisition in Eastern Louisiana has repositioned the investment story around Expion Energy, Inc. (NASDAQ: XPON), which had no oil and gas operations before this transaction.
The company paid an adjusted $3.425 million in cash at closing for approximately 3,000 net acres of existing leasehold, a wellbore, associated intellectual property, and mineral title research covering roughly 13,000 net acres.
The next hard date is February 15, 2027, when Expion has committed to drill and test a new lateral wellbore.
The acquisition in numbers The $3.425 million closing figure is net of a $100,000 certificate of deposit held by the acquired company and a $175,000 earnest money deposit Expion had already paid.
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