DALLAS, TEXAS -- (Marketwire) -- 06/11/12 -- AGR Tools Inc's (or "AGR" or the "Company") (OTCQB: AGRT)(OTCBB: AGRT) wholly owned subsidiary AGR Energy Holding Inc (or "AGR Energy) is pleased to announce it has executed an letter of intent with Jerry Cornwell (or the "vendor") to acquire 3 leases in southern Texas.
The consummating of Letter of Intent will be contingent on financing, the acquisition of a title opinion acceptable to legal counsel, and the negotiation of the final acquisition documents.
The leases consist of a 70% working interest in 3 leases which total approximately 547 acres. In consideration for the working interest and ownership interest AGR is to issue the vendor seven hundred thousand (700,000) restricted shares, make a delayed One Hundred Fifty Thousand Dollar ($150,000) cash payment due upon drilling commencement, and make a One Hundred Thousand Dollar ($100,000) payment attributable to maintenance costs associated with the properties to date.
Mr. Vern Wilson, CEO of AGR commented:
"Management is pleased to have a second and highly prospective acquisition underway with this new agreement. With a potential for 10 wells, Management believes a significant increase in reserves may be realized thus increasing value for Shareholders."
About AGR Tools Inc, and its wholly owned subsidiary, AGR Energy Holdings Inc:
AGR Tools/ AGR Energy Holding's mission is to deliver a competitive and sustainable rate of return to shareholders by developing, acquiring and exploring for oil and gas resources vital to the world's health and welfare.
AGR Energy Holding's strategic goal is to expand our reserve base and increase our cash flow through investment in and management of exploration, acquisition and exploitation of new and existing oil and gas assets.
For further information please visit: www.agrenergycorp.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements made in this release that relate to future plans, events, financial results or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are based upon current information and expectations. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties. Investors should also be aware that while the Company from time to time does communicate with securities analysts, it is against the Company's policy to disclose to them any material non-public information or other confidential commercial information. Investors should not assume that the Company agrees with any report issued by any analyst or with any statements, projections, forecasts or opinions contained in any such report.