Brenham Oil & Gas, a subsidiary of American International Industries, has bought an oilfield with 20 wells located in the Permian Basin in Texas, US, for $20m.
The field contains estimated probable reserves of around 1.4 million barrels of oil.
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Brenham Oil & Gas president Scott Gaille said that the Permian Basin oilfield is the first completed acquisition by the firm as part of its business model to acquire a portfolio of oil development and production assets in the US.
“We expect to conclude the assignments of the oil well leases to Brenham within the next 60 days and to commence development operations before the end of the year with a goal of bringing the field into production during 2012,” said Gaille.
