Hinto Energy, Inc. has completed the acquisition of certain oil and gas wells and related assets owned by Pacific Energy and Mining Company in the Greater Cisco Area of the Uintah Basin of Grand County, Utah. The acquisition was effective June 1, 2012.
The assets acquired include 4,783 gross acres in the Cisco Springs Fields with a net revenue interest (NRI) averaging approximately 80%. The property includes 27 wells that need to be produced or re-worked. Some wells are currently scheduled for connection to a gas pipeline. There are several drilling locations that are prospects for offset wells. The Company acquired these assets using a combination of its convertible notes payable and cash.