Zenith Energy Ltd has signed an agreement with Stateside Energy LLC to purchase a portfolio of petroleum production and development licenses in Oklahoma and certain other cities in the United States.

Zenith Energy Ltd is an energy company based in Calgary (Canada). It has production, operating and development assets in Africa and Europe. Through this agreement, Zenith will establish a special-purpose company, called Newco in the United States. Newco will be 100% owned and its mission will be to acquire oil wells and license blocks. For its part, Stateside Energy LLC has agreed to sell its oil-producing wells to Newco, subject to satisfactory due diligence by Zenith, for nominal consideration. Noted that Stateside Energy LLC is an oil and gas operator that owns a portfolio of seven oil wells in the state of Oklahoma