Mondial Ventures (OTCQB: MNVN) is pleased to announce its majority owned subsidiary Boomerang Oil, Inc. (the "Company" or "Boomerang") (CSE: BOI) (FSE: 0B9) has listed its common shares on the Frankfurt Stock Exchange (FWB) under the ticker symbol "0B9". The Company's common shares were listed by German market maker Wertpapierhandelsbank who will maintain the order book.
Dennis Alexander, President and CEO, stated, "This dual listing in Germany will enable the Company to attract new shareholders and raise its visibility among international investors. Boomerang will now begin the process for a German translated section on its corporate website at www.boomerangoil.com and we will also begin issuing news releases translated in German. We look forward to having a new forum to tell our story to an international audience."
The Company confirms that this dual listing furthers its plans to undertake both a well stimulation program to maximize production presently from its economic well and preparation to drill its first deep well located in the Crawar Field in Ward County. These programs are now being updated and expected to commence this summer. Other current exploration and development plans include a small focused frac to be performed on the Glorieta formation in order to increase flow from the hard rock formation to increase reservoir fluid for production. For future development, Boomerang is first targeting the Ellenburger formation on the Company's J.B. Tubb Leasehold Estate at approximately 8,300' foot depth, with capital expenditures ("CAPEX") requirements now set at approximately USD$1.6 million.
Additionally, the Company plans to drill up to three more wells on the South 40 location pursuant to the option contained in the Participation Agreement with Success Oil Co. ("Success Oil"). The Company's first objective in respect of the South 40 is to drill the Ellenburger well. According to the Company's consultant geologists, the Ellenburger formation sets along a fault plane increasing viability noted below 6,200' and viable at approximately 8,300' -8,400' feet. The second and third target well locations are located in the Waddel formation to 7,700-7,900' foot depth, and the Wolfcamp formation at approximately 6,200' foot depth, respectively.
About Mondial Ventures and Boomerang Oil. Inc.
We are an oil and gas producer engaged in the acquisition of oil and gas properties and assets principally within the United States of America. The Company is currently operating within Texas and has a compliant NI 51-101 Reserve Estimate. The Company's business model is to acquire existing oil fields with proven reserves and to rehabilitate oilfields with potentially high throughput.
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About Frankfurt Stock Exchange
The Frankfurt Stock Exchange (FWB) is the world's 10th largest stock exchange by market capitalization. Located in Frankfurt, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Borse (FWB: DB1), which also owns the European futures exchange Eurex and the clearing company Clearstream. For more information please go to www.boerse-frankfurt.de.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Mondial Ventures Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Mondial Ventures Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Mondial Ventures Inc.'s filings with the Securities and Exchange Commission.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K.
Additional information may be found at the following web site:
Public Relations and Shareholder Information
Phone: (754) 204-4549
SOURCE: Mondial Ventures Inc.