DALLAS, TEXAS--(Marketwire -06/04/12)- AGR Tools Inc's (or "AGR" or the "Company") (AGRT)(AGRT) wholly owned subsidiary, AGR Energy Holdings Inc (or "AGR Energy"), is pleased to announce that, subsequent to all material terms including the obtaining of a title opinion confirming the terms of the lease that is acceptable to counsel, being met by both parties in the previously announced LOI to acquire a 700 acre oil lease from Consolidated Oil and Gas (or "Consolidated" or "COGC") in Overton County, Tennessee (for PR click here: http://goo.gl/ApLfu), the final acquisition and operating contract and may be executed by both parties as early as Friday, June 15th, 2012. Following the execution of this agreement the parties look to set an immediate timetable for an AFE agreement (approved for expenditure) on the budget for the initial 10 oil wells to be drilled within the lease.
Mr. Vern Wilson, CEO of AGR commented:
"We are thrilled to be moving so quickly on our first oil property. The very professional team at Consolidated has undoubtedly helped this acquisition to move smoothly and with definitely help during the development process of these oil properties."
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.