Nexia Holdings, Inc. (Pinksheets:NXHD - News) reported that it is close to finalizing an Agreement to acquire a 7% working interest in an oil and gas lease located in Fisher County, Texas in exchange for 3,000 restricted shares of its Series A Preferred Stock, with a stated conversion value of $30,000. The proposed agreement provides for the closing to take place prior to July 21, 2009. Nexia will be forming a subsidiary to take ownership of this interest and is involved in discussions to acquire additional interests in the oil and gas industry.
The lease is located in Fisher County, Texas and currently has one operating well on the property known as Teagarden B. Production reports, obtained from the governing regulatory body in Texas, indicate that production for the months of January 2009 through May of 2009 at between 105 and 160 barrels per month were reported.
Mr. Richard Surber, President and CEO of Nexia, stated, "This is the first step of many more in our quest to acquire several additional income producing oil and gas properties. Nexia's staff is always looking for additional ways to diversify its asset base and a 'oil and gas' division will be a great addition."
About Nexia Holdings, Inc.:
Nexia Holdings, Inc. (Pinksheets:NXHD - News), headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in health & beauty and real estate. Nexia's subsidiary, Green Endeavors, LTD (Pinksheets:GRNE - News), www.green-endeavors.com, owns a majority interest in Landis Salons, Inc., www.landissalons.com, a hair salon built around the world-class AVEDA(TM) product line. For more information, visit www.nexiaholdings.com.
Nexia strongly encourages the public to read the above information in conjunction with its Form 10-K for December 31, 2007 and the subsequent quarterly filings and disclosures in 2008 and 2009. Nexia's disclosures can be viewed at www.nexiaholdings.com, www.sec.gov, and www.pinksheets.com. Nexia ceased being a fully reporting company in April 2009.
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