SOURCE: Madison Bay Holdings, Inc.

December 09, 2009 17:22 ET

Madison Bay Holdings Completes Asset Purchase and Financing Agreement

Madison Bay Holdings Changes Name to Middle East Oil Corporation

SEATTLE, WA--(Marketwire - December 9, 2009) - Madison Bay Holdings, Inc. (PINKSHEETS: MDBH), an oil and gas development and exploration company, completed an agreement on December 4, 2009, to purchase certain assets of WWH UK Limited, located in Libya.

The assets consist of oil and gas leases and refinery licenses in Libya. A recognized petroleum engineer's report appraised the assets at fourteen billion ($14,000,000,000) US dollars.

The company purchased the assets for two hundred and seventy five million (275,000,000) common shares of the company. The shares were issued based on a market price of fifty dollars and ninety cents ($50.90) per share of the common stock of the company.

In order to reflect the new direction of the company, the Board of Directors voted to change the name of the company to "Middle East Oil Corporation."

About Madison Bay Holdings, Inc. / Middle East Oil Corporation

Madison Bay Holdings is an oil and gas exploration and development company concentrating on the exploration, development and refinery of oil and gas in the Middle East.

Safe Harbor statement under the private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements, including statements regarding the Company's expectations about successfully selling its products and about the positive effects of the acquisition described herein. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks and uncertainties include the inability to manage expected growth, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of our products, the loss of any key personnel, our inability to introduce new products that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of potential litigation, and the possibility that competitors could develop or acquire technology that could erode the Company's technical advantages. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in this news release.

Contact Information

  • Contact:

    Marge Rohr
    Phone (909) 860-0941