GSV, Inc. Announces Commencement of Drilling
12 June 2008 - 12:43AM
PR Newswire (US)
WESTPORT, Conn., June 11 /PRNewswire-FirstCall/ -- GSV, Inc.
(OTC:GSVI) (BULLETIN BOARD: GSVI) announced today that the working
interest partnership of which its affiliate, Century Royalty LLC,
is a member has commenced drilling its second well in its East
Wilcox prospect. This well is targeting Yegua oil sands. The well
is a re-entry to an existing well. The expected dry hole cost of
the well is around $230,000 and the expected cost after completion
is around $340,000. GSV's working interest share through Century
Royalty is 11.9%. It may be that up to 3 additional wells will be
required in order to tap into the reserves should the well prove
successful. In the event that the wells drilled in these prospects
are dry, GSV may decide to write off some or all of its interest in
the geological studies that Century Royalty holds that pertains to
the Texas prospects. About GSV, Inc. GSV, Inc. owns investments in
oil and gas assets. In addition to managing its current assets, GSV
is actively seeking new acquisition opportunities in this industry.
Forward-Looking Statements Some of the statements in this press
release are forward-looking statements that involve risks and
uncertainties. These forward-looking statements include statements
about our plans, objectives, expectations, intentions and
assumptions that are not statements of historical fact. You can
identify these statements by the following words: -- "may" --
"will" -- "should" -- "estimates" -- "plans" -- "expects" --
"believes" -- "intends" and similar expressions. We cannot
guarantee our future results, performance or achievements. Our
actual results and the timing of corporate events may differ
significantly from the expectations discussed in the
forward-looking statements. You are cautioned not to place undue
reliance on any forward- looking statements. Potential risks and
uncertainties that could affect our future operating results
include, but are not limited to, our limited operating history,
history of losses, need to raise additional capital, and the high
risk nature of our business, as well as other risks described in
our most recent annual report on Form 10-KSB filed with the
Securities and Exchange Commission. Contact: Gilad Gat of GSV,
Inc., 1-203-221-2690 DATASOURCE: GSV, Inc. CONTACT: Gilad Gat of
GSV, Inc., +1-203-221-2690 Web site: http://www.gsv.com/
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