Deal Closed on Vermillion PropertyPaxton Energy Inc. (PXTE) just closed the agreement with Montecito Offshore of Louisiana acquiring a 70% working interest in 546.875 acres in the Vermilion 179 track for $1, 500,000 cash, a $500,000 subordinated note and the issuance of 15,000,000 of Paxton common stock.
VM 179 is adjacent to Exxon's VM 164#A9 well- proven and probable reserves have PV-10 value of $92,000,000.
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