Kabe Exploration Enters into LOI with International Equity Partners Oil & Gas to Develop 24 Oil Wells Representing an Estimated 9,600,000 Barrels of Oil
SAN DIEGO--(BUSINESS WIRE)-- Kabe Exploration Inc.(OTCBB: KABX) today announces that it has entered into a letter of intent to form a joint venture partnership with Canadian oil and gas holding company International Equity Partners Oil & Gas, Inc. for the exploration and development of 7,300 acres of oil leases in the highly productive Mississippian field of southern Kansas. International Equity Partners Oil & Gas will contribute capital and expertise toward developing the assets for production. KABE's five year operational plan is expected to bring 24 new oil wells into production.
Each well in the area is estimated to yield 400,000 barrels of oil—that's a potential 9,600,000 total barrels for the project—potentially over a billion dollars in oil at today's prices.
About International Equity Partners Oil & Gas
INTERNATIONAL EQUITY PARTNERS OIL & GAS, INC. is a Canadian energy holding company. The company's purpose is to acquire oil and gas assets, oil and gas exploration, refinery and pipeline sectors of the energy industry and other synergistic assets. We also are targeting oil field services companies for acquisition. We acquire assets under traditional debt, revolving credit facility, limited partnership, and direct equity ownership of assets, special purpose entity to hold assets, with the company maintaining controlling interest or joint venture interest.
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.
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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 Canada California Kansas
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