Pacific Oil Company Announces Plans to Expand Lacadena Project Through the Acquisition of Neighboring Wells and Property
March 17 2014 - 7:45AM
Marketwired
Pacific Oil Company Announces Plans to Expand Lacadena Project
Through the Acquisition of Neighboring Wells and Property
LAS VEGAS, NV--(Marketwired - Mar 17, 2014) - Pacific Oil
Company ("Pacific Oil") (OTC: POIL), is pleased to announce that it
is in talks with a major energy producer with the goal of
purchasing both wells and property boarding its 9600 acre Lacadena
Project. The deal being discussed consists of 11 natural gas wells
situated on 3,840 acres of energy rich land.
Ed Loven, Vice president of Pacific Oil, said, "While going
through the process of bringing the Lacadena wells back to full
production we were presented with the opportunity to expand the
project by purchasing the assets located directly beside our
project. As a company we are bullish on the long term importance of
natural gas and anticipate it being a significant portion of our
overall production portfolio. The possibility to increase our
natural gas foot print in an area in which we already have
resources committed to is an opportunity that that makes sense from
both a operational and financial standpoint. Our counter party
to the discussions is a major energy producer and our relationship
with them is solid. I am confident that a deal can be made in the
near future."
The proposed assets are currently going through the control
mechanisms that Pacific Oil has in place for all potential
acquisitions. Once the due diligence is complete, Pacific Oil will
submit a formal offer and update the public.
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.
CONTACT: Pacific Oil Company Ed Loven 1 888 303 2272 ir@poil.us
10120 W. Flamingo Rd., #4 - 240 Las Vegas, NV 89147 USA
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