By OGJ editors
HOUSTON, Aug. 11 -- PediaNet.com Inc., Atlanta, signed a letter of intent with Carmel Energy Inc., Houston, to acquire more than 60% of Carmel Energy stock for 30 million PediaNet shares.
PediaNet said Carmel Energy owns mineral rights to 200 drilled oil wells "and accompanying natural gas production, with 7 wells currently in operation, and expects to have 125 heavy crude wells in operation over the next 18 months."
Carmel Energy's operations are on a 320-acre site near Deerfield in Vernon County, Missouri, in the Tri-State heavy oil belt.
"Production will be enhanced by the use of modern technologies which facilitate pumping of heavy crude and the recovery of natural gas," PediaNet said.
PediaNet.com, formerly on the Over The Counter Bulletin Board, said it has been seeking a strategic partner for more than two years.
