HOUSTON, TX -- (Marketwire) -- 08/07/08 -- USA Superior Energy Holdings, Inc. (OTCBB: USSU) (FRANKFURT: F2S) announced today it has executed a letter of intent
to merge with Hunt Global Resources Inc. of Montgomery, Texas.
The transaction will be in the form of a "reverse merger." Under terms of
the agreement, Hunt will assume a majority stock position and appoint a new
board of directors. Full details of the transaction will be released upon
the execution of a definitive agreement between the parties.
Closing is based on the completion of required audits, satisfactory
due-diligence, a fairness-opinion and shareholders' approval of the
transaction.
Hunt is a natural resource company that plans to begin mining operations in
the fourth quarter of this year on 350 acres of land containing proven sand
and gravel reserves valued at an estimated $1.2 billion dollars.
We believe this transaction will provide value to our shareholders said G.
Rowland Carrey, CEO of USA Superior Energy. Hunt has a solid business plan
and proven resources in a geographic area where demand for construction
grade sand and fine sands used for glass manufacturing continually outpaces
the available supply.
"We're very excited about this transaction," said Jewel S. Hunt V, Founder
and Chairman of Hunt Global Resources. "We believe that entering the public
market will allow us to take advantage of the many opportunities available
in the natural resource business. Unlike the oil business, the business of
mining sand and gravel is relatively simple. There are no dry or
unproductive wells and the equipment required is relatively inexpensive.
Sand and gravel is mainly surface mining. All of the material is located
within fifty feet of the surface and visible to the naked eye. We excavate
the materials, process it and load it on a waiting truck. The only
complexity to the business is the proprietary software technology we have
designed that allows us to process a variety of sand products at higher
profit margins than traditional sand and gravel operations," Mr. Hunt
added.
ABOUT USA SUPERIOR ENERGY HOLDINGS, INC.
USA Superior Energy Holdings, Inc. is a company with excellent potential
focused on applying new technologies to oil and gas fields as well as other
industries. USA Superior is composed of a team of experts in their field,
highly qualified with over 200 man-years of oil and gas field experience;
from finding to drilling, well completion to operations and production, to
problem solving, seasoned with success. Environmentally concerned and
responsible, responsive to project needs and specializing in special
projects, USA Superior Energy's focus has been on developing and utilizing
complimentary technologies; Nitrogen (N2) and cased hole horizontal
drilling. USA Superior will seek to use these technologies independently or
in combination to exploit business opportunities.
Nitrogen (N2) is used to force oil out of reservoirs. It can be applied to
existing reservoirs and wellbores, thus minimizing the risk of finding oil
and gas. Cased Hole Horizontal Drilling (CHHD) is a new emerging technology
that can significantly increase the "communication" from the wellbore to
the fluids in the reservoir. With the current price environment, many
existing marginal wells can be rejuvenated into very profitable wells. The
corporate website is www.usa-superior.com.
This news release contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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. 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 we believe that the beliefs, plans, expectations and intentions
contained in this press release are reasonable, there can be no assurance
that 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 our recent
current reports on Form 8-K, our annual report on Form 10-KSB, our
quarterly reports on Form 10-QSB and other periodic and current reports
filed from time-to-time with the Securities and Exchange Commission.
Contact:
G. Rowland Carey
CEO
USA Superior Energy Holdings, Inc.
(832) 251-3000