Haimo Oil&Gas LLC (collectively “Haimo Oil&Gas”), a wholly-owned subsidiary company of Lanzhou Haimo Technologies Co., Ltd., has recently purchased a net area of 1,112 acres (about 4.5 sq.km.) oil block at the price of $1.0008 million in Permian Basin, Irion Country, Texas, UAS with 100% of its working interests. Haimo Oil&Gas has been issued the Oilfield Operator Permit License of Texas. And this block is the first shale oil&gas development project as Haimo serving as operator, which will enable this company substantially access to the field of exploration and development of oil&gas as well accumulate valuable experience, hence it has practical significance for the implementation of Haimo's unconventional oil&gas development strategy.