T-Rex Oil, Inc. (OTCPK:TRXO) entered into a letter of intent to acquire 4500 net acres in Converse County from Muddy Mineral Exploration LLC for $0.5 million on August 24, 2015. The purchase price is $0.5 million with a non-refundable deposit of $0.03 million. As per the terms of letter of intent, it provides for a definitive purchase agreement to be negotiated and entered into, subject to due diligence, on or about September 20, 2015. The deal is expected to close from November 15 to December 15, 2015. T-Rex Oil, Inc. (OTCPK:TRXO) cancelled the acquisition of 4500 net acres in Converse County from Muddy Mineral Exploration LLC on August 24, 2016.