|By Marketwired .||
|January 15, 2014 11:02 AM EST||
LAS VEGAS, NV -- (Marketwired) -- 01/15/14 -- Tiger Oil and Energy, Inc. (OTCQB: TGRO) is pleased to announce that it has received the third tranche from an nonrelated source bringing to the Company the $600,000 required to proceed with the drilling plans for the Cowley County KS leases in partnership with TOTO Energy LLC. Tiger will earn a 30% working interest and a 24.45% Net Royalty Interest in the wells drilled and fracked. Plans call for the first spudding of the wells to begin in late February or early March of 2014 depending on the weather.
As stated in the news release of December 20, 2013, the terms of the agreement call for Tiger to receive three tranches of $200,000 each on a callable convertible note wherein the Company borrows the sum at 5% interest for one year and the investor can elect to continue to receive the interest on the note or have the Company issue the investor shares of common stock of the Company at $0.50 per share to retire the debt.
About Tiger Oil and Energy
Tiger Oil and Energy is a diversified oil exploration company expanding its portfolio of projects with value added acquisitions and participations.
Notice Regarding Forward-Looking Statements
"Safe Harbor" Statement:
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. A complete "SAFE HARBOR: Disclosure" is listed on the Company's Website tigeroilandenergy.com under "News."
Kenneth B Liebscher