The main objective of Atrisco Oil & Gas LLC is to protect the rights to the Minerals (oil and gas, etc), for the benefit of the unitholders of the Atrisco Land Grant.
Per the Agreement and Plan Merger dated December 7, 2006 by and between Westland Development Co., Inc. and SCC Acquisition Corp., a Delaware corporation, Westland entered into a Quitclaim Mineral Deed and Assignment of Oil & Gas Leases, in which Westland transferred and contributed to Atrisco Oil & Gas LLC a 100% interest in rents and royalties under the Sun Valley and Great Northern Leases and a 50% undivided interest in all minerals under the Subject Lands. Each shareholder was issued an Atrisco Oil & Gas Stock Certificate as part of the “Merger Agreement” dated July 19, 2006.
The Atrisco Oil & Gas Company was formed for the purpose of exploring, commercializing, and protecting the Mineral Assets. Additionally, Atrisco Oil & Gas, LLC, will pay and/or provide for any costs or liabilities incurred in carrying out the purpose and make royalty distributions to the Class A unitholders as permitted.