SALT LAKE CITY, UT, Jul 06 (MARKET WIRE) --
Nexia Holdings, Inc. (PINKSHEETS: NXHD) reported that it is close to
finalizing an Agreement to acquire a 7% working interest in an oil and
gas lease located in Fisher County, Texas in exchange for 3,000
restricted shares of its Series A Preferred Stock, with a stated
conversion value of $30,000. The proposed agreement provides for the
closing to take place prior to July 21, 2009. Nexia will be forming a
subsidiary to take ownership of this interest and is involved in
discussions to acquire additional interests in the oil and gas industry.
The lease is located in Fisher County, Texas and currently has one
operating well on the property known as Teagarden B. Production reports,
obtained from the governing regulatory body in Texas, indicate that
production for the months of January 2009 through May of 2009 at between
105 and 160 barrels per month were reported.
Mr. Richard Surber, President and CEO of Nexia, stated, "This is the first
step of many more in our quest to acquire several additional income
producing oil and gas properties. Nexia's staff is always looking for
additional ways to diversify its asset base and a 'oil and gas' division
will be a great addition."
About Nexia Holdings, Inc.:
Nexia Holdings, Inc. (PINKSHEETS: NXHD), headquartered in Salt Lake City,
Utah, is a diversified holdings company with operations in health & beauty
and real estate. Nexia's subsidiary, Green Endeavors, LTD (PINKSHEETS:
GRNE), www.green-endeavors.com, owns a majority interest in Landis Salons,
Inc., www.landissalons.com, a hair salon built around the world-class
AVEDA(TM) product line. For more information, visit www.nexiaholdings.com.
Nexia strongly encourages the public to read the above information in
conjunction with its Form 10-K for December 31, 2007 and the subsequent
quarterly filings and disclosures in 2008 and 2009. Nexia's disclosures
can be viewed at www.nexiaholdings.com, www.sec.gov, and
www.pinksheets.com. Nexia ceased being a fully reporting company in April
2009.
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