SILVERDALE, WA - January 14, 2014 - CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") is pleased to announce that it has completed the Purchase and Sale Agreement ("PSA") for the purchase of an additional 1,605 acres of Wyoming oil leases with 5 wells from Ventrum Energy Corp. ("Ventrum"). The leases, located in the Powder River Basin, include active wells with current production along with the associated fixtures, pumps, and tanks for the current field operation. The Company is working to complete the required filings and transaction through escrow with an effective date of December 31, 2013.
"This transaction completes the acquisition of initially targeted assets in the Powder River Basin," stated Bill Wright, CEO of CGrowth Capital, Inc. "With now close to 4,000 contiguous acres in the area, we have a substantial asset to work with moving forward. The company is now refining its finance offering to complete work-overs on existing wells and drill new wells on identified locations. Although natural resource production does not produce overnight results, we have all of the major pieces in place to build a long term success."
A petroleum engineer familiar with the area, with whom contracts with a major producer to the east, has performed a review of the site and commented, "I would like to state that due to the activity on the east side of this Federal lease it has the potential to be a high producing hydrocarbon resource. I've conferred with several of my colleagues on this matter long before we found out it has been acquired by a new operator. I've drilled quite a few wells and have every faith that this area has a lot of good potential. As a manager I see great logistics for transportation and sales. With some capital outlay and good implementation of proper planning this venture will work well."
The leases include a 100% working interest on the acreage. It also includes 100% working interest in the 5 existing wells. The Company is anticipating the production from these wells to settle in at a minimum of 45 BOPD upon completion of the revitalization. Production potential on new well drills will be reported in future releases. Geological reports for the area are estimating oil potential up to seven million barrels of oil for the region.
For more information about CGrowth Capital, visit their website: http://www.CGrowthCapital.com
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining. The processing of metal ore mining is a multi-billion dollar market opportunity which is capitalized through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold and silver to market. CGrowth Capital will focus on acquiring or "claiming" land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
CGrowth Capital, Inc.
SOURCE: CGrowth Capital, Inc.