Fremont Petroleum Corporation Limited (ASX:FPL) signed a non-binding letter of intent to acquire portfolio of producing oil and gas leases located in Illinois Basin from Trey Exploration, Inc. for $1.9 million on June 18, 2020. Fremont will pay Trey $1 million by August 31, 2020, $0.5 million by January 1, 2021 and $0.4 million by April 1, 2021. The transaction will be funded using existing cash reserves. The transaction is subject to completion of due diligence and may also be further subject to The Australian Securities Exchange and shareholder approvals. Subject to satisfactory completion of due diligence the parties will then enter into a purchase and sale agreement. As of September 8, 2020 the deal is expected to complete in the next week. As of September 30, 2020, the acquisition is expected to finalize in early October 2020. Fremont Petroleum Corporation Limited (ASX:FPL) completed the acquisition of portfolio of producing oil and gas leases located in Illinois Basin from Trey Exploration, Inc. October 1, 2020. An asset purchase agreement was executed between the parties. Fremont made an initial payment of $1 million and will make a payment of the $0.9 million balance on April 2, 2021. As of April 15, 2021, Fremont secured improved terms on the final payment for the Trey assets with $0.45 million paid on April 2, 2021 and the balance of second tranche of $0.45 million will now be paid on October 2, 2021. As of October 5, 2021, AXP Energy Limited has made the final $0.45 million payment, funded from cash reserves.