June 7, 2010 (FinancialWire) — Consolidation Services, Inc. (OTCBB: CNSV), an exploration and production company engaged in the acquisition, development and operation of domestic oil and gas mineral rights, said it has entered into a non-binding Letter of Intent to purchase a number of mineral leases in California for $35 million.

Consolidation said the leases represent ongoing current production equal to 265 barrels of oil per day and 485,000 cubic feet of natural gas per day accounting for over $300,000 a month in net revenue.

The company said that its management anticipates closing on the acquisition during the third quarter 2010.

Nevada-based Consolidation Services is engaged in the exploration, acquisition, development, production and marketing of natural gas and crude oil in North America.

The company, which was founded in 2007, currently owns oil and gas wells along with oil and gas mineral rights on around 13,500 acres in eastern Kentucky and Tennessee.

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