The team at
After spending time evaluating the assets and speaking with its current operating team,
“We are very pleased to be acquiring this asset in addition to bringing on a valuable operations partner in the Texas Oil Market. This acquisition not only brings on current well production, but the upside of the certified geological reports also establishes notable upside potential", stated
The proposed transaction is structured as follows; The purchase price is
The geological reports for this Oil Field show proven barrels of Oil to be 774,498, probable at 623,038 and possible at 456,118 for a potential combined total of 1,853,654. This equates to a valuation of
“Sino American Oil Company was the right management fit and partner for the next phase of our development of in the
A further
The Company is actively looking to raise money to build on this asset to expand into more exciting projects as further funding allows.
ABOUT
ABOUT
FORWARD-LOOKING STATEMENT:
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Signed.
/S/ Ms.
FOR MORE INFORMATION, PLEASE CONTACT:
IR CONTACT:
OTC Markets: https://www.otcmarkets.com/stock/OILY/overview
Website: https://sinoamericanoil.com
Email: IR@sinoamericanoil.com
Twitter: https://twitter.com/otc_oily
Attachments
- $OILY - SINO AMERICAN OIL COMPANY SIGNS MOU WITH ESTACADO ENERGY, LLC
- $OILY - SINO AMERICAN OIL COMPANY SIGNS MOU WITH ESTACADO ENERGY, LLC
$OILY - SINO AMERICAN OIL COMPANY SIGNS MOU WITH ESTACADO ENERGY, LLC
$OILY - SINO AMERICAN OIL COMPANY
$OILY - SINO AMERICAN OIL COMPANY SIGNS MOU WITH ESTACADO ENERGY, LLC
$OILY - Sabine Well # 2 in the Piave Oil Field
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