AGR Tools Inc.'s wholly owned subsidiary AGR Energy Holding Inc. have signed an agreement to acquire a three hundred (300) acre oil and gas lease in Navarro County, Texas from Corsicana Oil LLC, collectively referred to as the Burke Lease.

Under the terms of the agreement, the Company would receive 100% ownership in the project by paying one hundred thousand dollars ($100,000) at closing, and up to two hundred thousand dollars ($200,000) out of revenue produced by the project. The company will also assume the vendor's plugging liability currently valued at two hundred thousand dollars ($200,000). There will be no common shares of AGR issued in connection with this agreement.

Tags: AGR Group