Franklin Mining Inc. Tuesday said it completed the sale of all energy assets to a newly formed oil and gas company that would keep the name Franklin Oil & Gas, Inc. In exchange for all Franklin Mining energy assets, the company would receive a minimum 20 million shares from the newly formed company’s initial issue.

The company added that the newly formed Franklin Oil & Gas, Inc. would initially focus on development of the Texas oil properties while pursuing further negotiations on gas-to-liquid, oil and hydroelectric projects in South America.