Silverton Energy, Inc. (OTCPK:SLTN) acquired Oil and gas leases in Oklahoma from American Heritage Investment Capital, LP for $81 million on May 1, 2024. The $81 million purchase price is to be paid by 20-year, non- interest bearing Promissory Note (Secured by the leases), payable in a lump sum $81 million payment on May 01, 2044. Upon default, after May 01, 2044, AHC can: (i) foreclose on the collateralized oil and gas leases, or (ii) convert the $81,000,000 in collateral to ?preferred stock,? upon a conversion ratio, based on a fair market value of the preferred stock. The $81,000,000, if divided by 927,500 of currently available Class ?C? Preferred shares is $0.87/share (the current more than the offering price of Class ?C? Preferred shares is $0.40 per share. The transaction becomes effective subsequent to approval of the board of directors and completion of N1 51-101 report performed by a qualified person, which is compliant with the "N1 51-101 "standards of disclosure for oil and gas activities' under SEC rule.

Silverton Energy, Inc. (OTCPK:SLTN) completed the acquisition of Oil and gas leases in Oklahoma from American Heritage Investment Capital, LP on May 1, 2024.