Paper Example on Lionheart Exploration Seeks Acquisition in Newfound Shale Basin

Lionheart Exploration Incorporation is impressed to inform Newlife Exploration, LLC. of its interest in the Newfound Shale Basin property. It has been the goal of Lionheart Exploration, Inc to expand its production levels in the next three years. As such, your letter of solicitation got the company in awe when planning to obtain a rich petroleum field. New Shale Basin acreage covering an area of 50,000 acres proves an as high potential ground for our planned expansion.

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Lionheart Exploration Incorporation management has met with its Board of Directors and held in-depth discussions about the potential of Newfound Shale Basin. The company agreed to expand its territories in your premises. As such, Lionheart Exploration, Inc has as advised by the Board of Directors wishes to inform Newlife Exploration, LLC of its offer in Newfound Shale Basin an amount not exceeding 500,000 USD. If Newlife Exploration, LLC accepts the offer, Lionheart Exploration Incorporation wishes to disburse its payment on March 31, 2020. The purchase will be under the Lionheart Exploration, Inc policy, and the set goal for expansion. The funds as such are readily available and Lionheart Exploration, Inc does not consider obtaining the finances from a third party. In case the offer is accepted, Lionheart Exploration, Inc will write a bankers cheque amounting to 500,000 on or before March 31, 2020.

Lionheart Exploration is keen on the prices of crude oil. The concerns on a possible decline in the cost of petroleum products in the coming year form the basis on which Lionheart Exploration, Inc cannot exceed 500,000 USD. Once Newlife Exploration, LLC receives the offer at hand, Lionheart Exploration expects to receive a letter of affirmation in closing the deal. Lionheart Exploration additionally plans regular updates on the property's status until its acquisition. During the window period, Lionheart Exploration will undertake necessary legal investigations on the piece of land. Such includes Title Deed search for the validation of the property's authenticity as well as geographical exploration by Reservoir Engineers on the potential of the wells.

As the Lionheart Exploration Incorporation, the company understands that this letter is an expression of intent in the submission of a purchase offer of the Newfound Shale Basin. In case the offer needs a presentation to a vendor's board on formalization purposes in the purchase of the named property, all proper industry contracts must take place. As such, this is not a legal obligation of purchase by Lionheart Exploration Incorporation to Newlife Exploration, LLC. Lionheart Exploration Incorporation understands that the intent to offer is liable to discussions with the sellers who may subject it to variations in the set conditions. Approval of an offer does not guarantee the parties involved in execution on the matter mentioned in the letter.

Lionheart Exploration Incorporation wishes to remind Newlife Exploration, LLC of its sincere interest in the Newfound Shale Basin purchase. Despite the fate of the deal, both companies remain in a mutual business friendship, as they have been earlier. Thank you for the time, and Lionheart Exploration Incorporation look forward to a productive response.

Yours sincerely,

Name

Procurement Legal Officer

Lionheart Exploration Incorporation