Pacific Oil Company Enters Into Negations to Purchase a 64% Working Interest in 12 Heavy Oil Wells in Maidstone Saskatchewan ...
12 February 2014 - 12:45AM
Marketwired
Pacific Oil Company Enters Into Negations to Purchase a 64% Working
Interest in 12 Heavy Oil Wells in Maidstone Saskatchewan Canada
LAS VEGAS, NV--(Marketwired - Feb 11, 2014) - Pacific Oil
Company ("Pacific Oil") (OTC: POIL), is today announcing that it
has entered into negations to purchase a 64% working interest in 12
producing heavy oil wells in Maidstone Saskatchewan Canada. The
wells are being purchased out of bankruptcy with the trustee being
represented by Sayer Energy Advisors.
Ed Loven, Vice president of Pacific Oil, said, "It's no secret
that as a company we like heavy oil in this area due to managements
experience with the commodity, expertise in its production and
preexisting relationships in the vicinity. The purchase of these
producing assets at a significant discount is just the opportunity
we have been looking for in this prolific area. Once this
transaction is complete it will represent a significant uptick in
Pacific Oils net asset value.
Pacific Oil is currently in the process of rigorously vetting
the potential acquisition through a strong set of control
mechanisms and extensive due diligence. The Company will update the
public via press release as milestones in the process are
achieved.
About Pacific Oil Company:
A Nevada based corporation, Pacific Oil Company is a dynamic
junior energy company with both established assets and production
within the energy rich province of Saskatchewan Canada.
The company continues to add value and set the stage for rapid
success through low risk acquisitions and organic growth achieved
through further development of existing properties. Pacific Oil
fully understands that a balance must be struck between short term
profitability, increasing net asset value and the long term growth
that rewards early shareholder.
Pacific Oil operates under the notion that operational
efficiency achieved through the minimization of administrative
overhead is of the upmost importance if costs are to be kept under
control and profits maximized for investors. All capital
expenditures must provide value and risk control must be present at
all times.
Forward-Looking Statements This news release contains
"forward-looking statements" as that term is defined in Section 27A
of the United States Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. Statements
in this press release which are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
new projects and development stage companies. These forward-looking
statements are made as of the date of this news release, and the
company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although management believes that any beliefs, plans, expectations
and intentions contained in this press release are reasonable,
there can be no assurance that any such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in the company's
annual report on Form 10-K for the most recent fiscal year,
quarterly reports on Form 10-Q and other periodic reports filed
from time-to-time with the Securities and Exchange
Commission
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