Sebastian River Holdings, Inc. Strikes Oil & Gas Joint Venture with Drake Gold Resources, Inc.
TORRANCE, Calif.--(BUSINESS WIRE)-- Sebastian River Holdings, Inc. (OTC:SBRH), is pleased to announce it has officially entered into a joint venture with Drake Gold Resources, Inc. (OTC:DKGR) on its Master Lease in Venango County, Cranberry Township, Western Pennsylvania. The lease consists of 457 acres containing 50 wells. Ownership will be divided between the two parties based on capital committed.
The companies will engage in a rework drilling program together to harvest production of oil toward near term revenues in this targeted region of Pennsylvania that houses over 15,000 wells which are currently marginal or non-producing for various reasons. Sebastian is currently targeting a block of 20 wells on the Master lease and capital has already been furnished to initiate rework and production in line with the companies' current objectives: to seek out, evaluate and acquire interests in those oil and gas projects that in the opinion of management fit the following criteria:
Proven producing oil and gas reserves with substantial development potential;
Proven reserves that can be activated with appropriate financing;
Low-risk drilling and development costs;
Good access to infrastructure to bring to market;
Ability to generate profits and cash flows in a short period of time with potential as highly undervalued assets.
The company will provide regular updates on the endeavor as they are received by the lease operator, Chris Repasky, a field operator in North West Pennsylvania for 25 years. He currently operates 50 of his own oil wells in addition to owning a water transportation business that serves the local Marcellus Shale gas boom.
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.
To view this press release as webpage please click on the following link: http://www.usetdas.com/pr/sebastianriverjan142013.htm
Sebastian River Holdings, Inc.
Peter Matousek, 424-258-0167
KEYWORDS: United States North America California Pennsylvania
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