CNSV Acquires 58 Oil And Gas Wells Including Lease Acreage Valued At $15,555,208, And Adds Three Directors
HENDERSON, Nev., April 5 /PRNewswire-FirstCall/ -- Consolidation Services, Inc. ("CNSV") (OTC Bulletin Board: CNSV), acquired 39 oil wells, 19 gas wells and approximately 1,500 leased acres in Kentucky and Tennessee in twelve transactions at a total cost of $15,555,208; all paid through the issuance of 23,216,729 restricted CNSV shares. CNSV unregistered shares were valued at $0.67 per share, a 29.5% discount from the average price of all CNSV shares traded in March of 2010 on the OTCBB. The purchase price equaled the amount the original investors in each transaction paid to acquire and develop the acquired oil and gas assets. The acquired gas wells are part of a larger lease, which management believes is a potential opportunity. Although the gas wells are shut in, management has a plan to commence production again and acquire a number of other adjacent gas wells.
CNSV elected three new members to its Board of Directors, each with extensive, diverse business experience in the oil and gas industry. Stephen Thompson has over thirty years experience in the domestic oil and gas industry; including experience in leasing, ownership and operation of drilling rigs, syndication and field operations. Pamela J. Thompson (unrelated to Mr. Thompson) is a licensed Certified Public Accountant, with other clientele in diverse business industries. Gary Kucher has extensive investment banking experience, assisting companies in mergers and acquisitions, financing, and business development.
Dr. Thomas, CEO said, "these acquisitions are a significant beginning in the execution of a CNSV strategy to acquire oil and gas assets in exchange for CNSV common stock." Management intends to use shares of CNSV to acquire significant assets and to recruit an experienced oil and gas management team.
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