Holiday Island, Arkansas, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Holiday Island Holdings, Inc. (OTC Pink: HIHI), operating in the recreational and remote living real estate markets and in other viable commercial projects in the geographic markets of Texas, Arkansas, Oklahoma, Missouri, and Louisiana, announced today that the Company has executed a Definitive Agreement to participate with an experienced operator in currently producing fields in East Texas and NW Louisiana.
HIHI has now completed its due diligence review of the producing wells to more accurately determine the potential production and monthly cash flow expected over the next several years.
As a result, the monthly cash inflow – assuming no or minimal disruptions -- is estimated to be substantial. Closing of the announced transaction is dependent on the Company finalizing a convertible debt placement of $100,000 scheduled in late November 2022.
S. Gene Thompson, CEO and Director, said: “This is a great development for the Company and its Shareholders, with the expectation of getting our first significant commercial income producing investment on the books shortly.
And, when the transaction completes, the Company adds another industry expert to its professional advisory team.”
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