CUT BANK, Mont., Aug. 20 /PRNewswire-FirstCall/ -- MAJESTIC OIL & GAS, INC, (BULLETIN BOARD: MJOG) , (the "Company"), a United States Public Company quoted on the Over the Counter Bulletin Board today announced a Letter of Intent ("LOI") has been signed. The "LOI" outlines that the Company is acquiring Genesis Energy, Inc, which own natural gas gathering and compression facilities located in Pondera County, Montana.
These facilities gather and compress natural gas from the Williams and Lake Frances Gas Fields, which consists of 33 natural gas wells. The gathering system consists of 35 miles of natural gas gathering lines, 33 gas shacks and 3 compressors. The main compression facility consists of a 400HP compressor and dehydration equipment located on an approximate one acre plot. Also located at the gas plant and compression site, is an electronic production monitoring system, which provides output production information on an hourly and daily basis to the Company headquarters located in Cut Bank, Montana.
Citadel Engineering Ltd, an Engineering Firm out of Calgary, Alberta, is preparing a valuation of the gathering system. The purchase price for these facilities will be agreed upon at a later date.
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