By OGJ editors
HOUSTON, Dec. 4 -- Mining Oil Inc., Houston, a development stage company, set a $23 million budget for its share of costs to drill two properties with Jurasin Oil & Gas Inc., Houston, in South Louisiana and off Mustang Island, Tex.
A September 2008 agreement calls for the two companies to form a 10-year area of mutual interest.
Mining Oil also has a 2.3% overriding royalty interest in an 80-acre proved developed producing property in North Edna field, Jefferson Davis Parish, La.
It plans to close by yearend 2008 acquisition of 100% interest in two shallow-water fields off Texas and a 100-mile pipeline that serves them. It also purchased certain oil and gas interests of Reichmann Petroleum Corp. from a US bankruptcy court.