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All Penny News: Elite Group Roars 22.5% Higher on Two Purchase Agreements in Texas


Mississauga, ON -- (SBWIRE) -- 07/06/2017 -- Media, Inc. ( announces its latest article titled "Elite Group Roars 22.5% Higher On Two Purchase Agreements In Texas."

Companies mentioned in this article include Elite Group, Inc. (OTCPK:ELTZ).

Article Excerpt:

Investors are bidding up shares of Elite Group, Inc. (OTCPK:ELTZ) as the company signed purchase agreements for two properties in Texas. The first purchase agreement was to acquire a 75% working interest in a previously announced 2 well package in the Permian Basin of Texas. The company has arranged for $200,000 in debt financing for this acquisition, without increasing the number of outstanding shares.

Initial production from these wells is estimated at 20 barrels per day plus 350 – 400 MCFD, indicating a payout of approximately 12 months. The wells are both in the San Andres formation, at around 4500 feet in depth. This formation is a multi-billion barrel field in the Permian Basin.

The full version of this article can be found at:

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