Gold Coast Mining Signs Letter of Intent to Acquire Producing Oil Wells
08 October 2013 - 8:30PM
Marketwired
Gold Coast Mining Signs Letter of Intent to Acquire Producing Oil
Wells
WILTON, CT--(Marketwired - Oct 8, 2013) - Gold Coast Mining
Corp. (OTC Pink: GDSM), is pleased to announce that the Company has
signed a Letter of Intent to acquire 100% of a producing oil
project in Navarro County, Texas.
The LOI between the Company and Galahad Limited Partnership #1,
LP ("Galahad") is for the acquisition of two producing oil wells on
Lease #17652 (District 5, RRC Identifier 03935). The LOI also
includes drilling a third well on the same Lease upon closing. The
two wells, drilled in 2010, have been producing 140-150 barrels per
month.
The purchase price is $500,000 and the agreement is structured
as "unit deal" which allows the Company to acquire individual
units. While structured on a unit basis, the Company is actively in
discussion to obtain debt financing for the acquisition.
Michael Shea, CEO, stated, "I am very pleased and excited with
this acquisition. This solidifies our Company as an entity capable
of doing larger acquisitions, provides GDSM with positive cash
flow, and demonstrates the tremendous upside and potential."
The Company will keep shareholders and the investment community
updated and it moves through the due diligence process.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in
the mining and energy sectors. The Company's goal is create a
vertically integrated oil division and continue its diversification
into other high growth industries. The primary goal is generate
cash flow to sustain and grow profitability.
Follow us on Twitter at http://twitter.com/GoldCoastMining
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include,
but are not limited to: the impact of economic, competitive and
other factors affecting the Company and its operations, markets,
product, and distributor performance.
CONTACT: Michael Shea Gold Coast Mining Corp. Phone:
(203) 210-5614 Email:
Michael.shea@gdsmholdings.com
1pm Industries (CE) (USOTC:OPMZ)
Historical Stock Chart
From Apr 2024 to May 2024
1pm Industries (CE) (USOTC:OPMZ)
Historical Stock Chart
From May 2023 to May 2024