Sebastian River Holdings, Inc. Enters Material Discussions for Oil Production Joint Venture in Easte
Sebastian River Holdings, Inc. Enters Material Discussions for Oil Production Joint Venture in Eastern Pennsylvania
TORRANCE, Calif.--(BUSINESS WIRE)-- Sebastian River Holdings, Inc. (SBRH) announces today that it is in late-stage discussions to joint venture with a company focused in Oil & Gas to participate in a rework/drilling program in Eastern Pennsylvania with proven oil reserves.
Sebastian executives are confident that, once effected, the deal will lead to near-term revenues for the company as well as assets that have potential to generate growth for the long-term. Further, it is important to note that this deal is pending a finalized agreement between the parties involved, including the Operator in Pennsylvania. Sebastian looks to expedite this initiative before the end of Q4 and is currently evaluating various funding options available with a commitment to select a means that will best maximize shareholder value.
As well, the company is working with counsel and previous management to actively settle and/or pursue the assets assigned by The Nuemark Group, including debentures and equity stakes in other companies as part of an overall assessment of initiatives set forth by previous management to ensure a strategy for empirical growth.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Sebastian River Holdings, Inc.
Peter Matousek, 424-258-0167
KEYWORDS: United States North America California Pennsylvania
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