Kabe Exploration Announces Funding Agreement
SAN DIEGO--(BUSINESS WIRE)-- Kabe Exploration, Inc. (OTCBB: KABX): The Company is pleased to announce the first round of funding for its drilling program. The first funding commitment is for $250,000 and is committed to the Company by its Chairman Erik Ulsteen. Restricted shares will be issued for the investment at 6 cents per share. The Company has further agreed that it will convert a loan currently on its books for $35,708.00. The loan will be converted to restricted shares at the same rate which is 6 cents per share. The Company is hereby debt free. "I have committed funds from my personal capital to the first phase of drilling," says Erik Ulsteen, CEO. The Company will need to raise another $250,000 to commence drilling, and discussions are ongoing with several investors with a plan to close shortly.
About Kabe Exploration Inc.
Based in San Diego, California, Kabe Exploration Inc. is an oil & gas exploration and development company that acquires mineral rights in prolific shale plays for production.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "intends, "plans," "should," "seeks," "pro forma," "anticipates," "estimates," "continues," or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under "Risk Factors" and "Our Business." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.
KEYWORDS: United States North America California
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