HINTO Energy, Inc. (OTCPK:HENI) entered into an agreement to acquire right and title to oil and gas leases for 559 gross acres in Musselshell County, Montana (assets) from Jake Oil LLC on June 14, 2013. As a part of consideration, Hinto Energy shall give $0.01 million in cash to certain vendors, make additional payment on an injection well settlement, replace State of Montana Plugging and Abandonment Bond valued at $0.06 million, on assets with 0.12 million shares of Hinto Energy, and 5% carried working interest in unit assigned to Eric Olsen.

The Board of Directors of Hinto Energy, Inc. and manager of Jake Oil LLC, have each approved the transaction. The agreement may be terminated at any time by mutual consent of the boards of directors of HEN and JO. The completion of transaction is subject to all consents and approvals including, third parties, governmental and regulatory authorities, completion of due diligence investigation, and payment of all debt secured against assets acquired by Jake Oil LLC. The closing of transaction shall occur on or before June 21, 2013.

HINTO Energy, Inc. (OTCPK:HENI) completed the acquisition of right and title to oil and gas leases for 559 gross acres in Musselshell County, Montana (assets) from Jake Oil LLC on July 5, 2013.