FORT WORTH, Texas, March 21, 2016 /PRNewswire/ -- MD America Energy, LLC ("MDAE") has executed a Purchase Sale Agreement to acquire 100% of an Undisclosed Seller's properties in Brazos, Grimes, Leon, and Madison Counties in East Texas. This is the second acquisition MDAE expects to close and fund in March 2016. The acquisition includes 136 operated and non-operated wells within approximately 18,400 net acres, with greater than 85% being HBP. Closing is expected March 25, 2016. MDAE CEO, Eric Waller, stated, "For the team at MD America Energy, this acquisition significantly expands our current East Texas position and further evidences our commitment to grow the business during what we believe to be a generational opportunity. The transaction is accretive and we are excited about the potential development opportunities it brings. We will continue to demonstrate a continuance of MDAE's history as an efficient operator who delivers top tier wells in complex regions. I am proud of our team and organization and the culture we are creating, which is one of delivering remarkable results and having fun doing it." MDAE will fund the acquisition with cash provided by its parent, Meidu Energy Corporation.
MDAE is a Fort Worth, Texas based oil and gas operating company, whose assets currently consist of approximately 35,000 net acres in East Texas. MDAE has drilled and operates over 160 oil wells producing principally from the Woodbine formation. MDAE plans to continue its drilling program in 2016, contingent upon commodity prices. MDAE's parent company, Meidu Energy Corporation ("Meidu"), is a Chinese publicly listed company on the Shanghai Stock Exchange. Meidu acquired Woodbine Acquisition Corp. in 2013 and changed the operating company's name to MD America Energy, LLC.
For further information, interested parties should contact:
Public@mdae.com or 817.288.7800
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SOURCE MD America Energy, LLC