|By Marketwired .||
|March 11, 2014 08:45 AM EDT|
LAS VEGAS, NV -- (Marketwired) -- 03/11/14 -- Pacific Oil Company ("Pacific Oil") (OTC: POIL), is pleased to announce that it has submitted a formal bid to Grant Thorton LLC Trustee for the acquisition of 67 oil wells. The submitted bid is all inclusive and includes all the wells mentioned in Pacific Oil's March 4th press release. The 67 wells are spread over 9 properties all of which are in the Lloydminster / Maidstone area of operation.
Ed Loven, Vice president of Pacific Oil, said, "During the negotiations and due diligence process for our announced Maidstone acquisition it became clear that the best deal on the table was the one in which we bought the whole pie rather than trying to carve out a single piece. By engaging in the less complicated all inclusive transaction we increase our chances of success and decrease the cost we pay per producing barrel. All nine projects in this deal have value. We plan on working the projects in close proximity to existing assets and divesting for profit those assets that would be more valuable to other companies."
Of the 67 wells only 6 are abandoned, 4 are shut in, 1 is a revenue generating water disposal well and the remaining 56 are either producing or are producible.
About Pacific Oil Company:
A Nevada based corporation, Pacific Oil Company is a dynamic junior energy company with both established assets and production within the energy rich province of Saskatchewan Canada.
The company continues to add value and set the stage for rapid success through low risk acquisitions and organic growth achieved through further development of existing properties. Pacific Oil fully understands that a balance must be struck between short term profitability, increasing net asset value and the long term growth that rewards early shareholder.
Pacific Oil operates under the notion that operational efficiency achieved through the minimization of administrative overhead is of the upmost importance if costs are to be kept under control and profits maximized for investors. All capital expenditures must provide value and risk control must be present at all times.
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although management believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the company's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission
Pacific Oil Company
1 888 303 2272
10120 W. Flamingo Rd., #4 - 240
Las Vegas, NV 89147