|By Marketwired .||
|July 22, 2014 08:30 AM EDT||
LAS VEGAS, NV--(Marketwired - July 22, 2014) - Pacific Oil Company ("Pacific Oil") (OTC: POIL) is pleased to announce that it has secured 3rd party conditional funding to complete the transaction of the previously announced 67 oil well acquisition which are located on 9 Canadian heavy oil properties. Ownership of the assets will not be transferred to Pacific Oil Company until the repayment of the funding is complete.
Ed Loven, Vice president of Pacific Oil, said, "This acquisition is a great opportunity for Pacific Oil Company and we needed to involve a 3rd party or risk losing out on the deal. As such we have secured a 3rd party to purchase the assets on our behalf and now have the breathing room we need to raise the additional capital required for full ownership of the assets to be transferred to Pacific Oil Company." Loven went on say, "As mentioned in a previous release we had entered into an agreement with The Herman Companies Inc. to secure $1,000,000 in financing. To date despite Pacific Oil's best efforts this financing has not come together which has resulted in the measures discussed in this news release. At the end of the day even with the additional financial overhead this deal is good for both Pacific Oil Company and its shareholders due to the fact that the aforementioned assets have been purchased out of bankruptcy at a great price."
Pacific Oil Company will update the public via press release as the process relating to the full ownership of the acquisition evolves.
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
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