Elite Group Inc. (OTCPK:ELTZ) signed letter of intent to acquire a 75% working interest in 2 wells in the Permian Basin of Texas on June 20, 2017. As on July 6, 2017, Elite Group Inc. entered into an asset purchase agreement to acquire 75% working interest in 2 wells in the Permian Basin of Texas. Elite Group will finance the acquisition from the proceeds of $0.2 million from debt financing. Briggs Smith of The Olibri Group acted as public relations advisor for Elite Group Inc. Elite Group Inc. (OTCPK:ELTZ) cancelled the acquisition of a 75% working interest in 2 wells in the Permian Basin of Texas on June 20, 2018.