PALM DESERT, CA / ACCESSWIRE / December 16, 2022 / Southern ITS International, Inc. (OTC PINK:SITS) announced today that its subsidiary, Pure Oil & Gas, Inc. (Pure), has entered into an agreement with ICS Energy, LLC, a Texas limited liability company (ICS), whereby Pure is given the first right of refusal to fund certain future oil & gas exploration efforts of ICS in exchange for a fifty percent working interest in those completed wells which Pure funds. Additionally, in exchange for shares of SITS preferred stock, ICS has irrevocably granted to Pure a five percent overriding royalty interest, limited to the term of the underlying lease, in all future wells drilled and completed by ICS, irrespective of the funding source for such wells.
Jeremy Larsen, who was appointed President of Pure Oil & Gas, Inc., on November 1, 2022, stated, "We are pleased to reach this agreement with ICS which is an experienced oil & gas exploration company operating in the State of Texas and currently has 11 wells in production, according to ShaleXP. Furthermore, we have an agreement in principle to engage Marc Lundgren, a seasoned veteran in the industry, as a consultant for the acquisition of land leases in and around the regions targeted for exploration."
Mr. Larsen added, "In preparation of a capital raise, Pure Oil & Gas, Inc. will be undergoing a branding overhaul with a new website and newsroom for future communications to the public."
About Southern ITS International, Inc.
Southern ITS International, Inc. intends to own and/or control a portfolio of highly- successful businesses and will focus on a being a multi-national conglomerate. As a holding company, Southern ITS International is presently in the market to acquire a stake in various companies both public and private. It will also focus on building a direct sales network of various e-commerce internet applications, manufacturing, and internet sales of various products. We will build an experienced management team that will build a diverse portfolio, buying entire companies, or interests therein, involved in technology, oil and gas, manufacturing, real estate, and other sectors, which will then become operating subsidiaries of Southern ITS International.
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Southern ITS International, Inc.
SOURCE: Southern ITS International, Inc.