SOURCE: Petrolium Oil Alliance

December 01, 2008 09:46 ET

Petrolium Oil Alliance Inc. Enters Into Negotiations in the Islamic Republic of Mauritania

DUBAI, UNITED ARAB EMIRATES--(Marketwire - December 1, 2008) - Petrolium Oil Alliance Inc. and its U.S. subsidiary PetrOil Inc., formerly CybeRecord, Inc. (PINKSHEETS: CYRD), have entered into negotiations with the Islamic Republic of Mauritania in continuing its plans of expansion within the African Continent.

Wadah Richad Kilani President of Petrolium Oil Alliance Inc. and his corporate team of advisors attended high level meetings held on Nov 4th 2008 with Minister Ba Houdou of the Ministry of Promotion in Investments, Mr.Hamadi Ould Baba Ouild Hamadi the Charge de Mission and other Ministry officials. That afternoon meetings continued at the Ministry of Petroleum and Energy with Minister Mohamed Salem Boidaha and Mr. Cheikhna Ould Ahmed Ould Elyass the Le Secretaire General. At this meeting various forms of Petrolium Oil Alliance Inc. participation were discussed and existing plotted sites were analyzed with the Geology Division of the Ministere de L'Industry et des Mines.

After finding many points of common interest negotiations resumed on Nov 5th 2008 at the Societe Mauritanienne des Hydrocarbures, the government owned oil company known as SMH with General Manager Former Minister Mohamed Ould Bahiya, Director General Adjoint Mr. Tourad Ould Abdel Baghi and Financial Director Chiek Mahamed Elhafed Ould Tolba. After hours of deliberation a decision was made that it would be beneficial in establishing a Joint Venture between Societe Mauritanienne des Hydrocarbures and Petrolium Oil Alliance Inc. in the fields of on shore and off shore drilling for oil and natural resources as well as other strategic ventures. This was reflected and signed by both parties in the Meeting Protocol.

Petrolium Oil Alliance Inc. congratulates its President Wadah Richad Kilani on his appointment as Honorary Council of The Islamic Republic of Mauritania.

The Islamic Republic of Mauritania is located in Western Africa. Mauritania's oil and gas natural reserves are being developed both on shore and offshore for commercialization by large multi national corporations. Mauritania also is proving and developing the county's Gold, Platinum, Diamond and Titanium reserves for commercial ventures.

Petrolium Oil Alliance Inc. is an IBC with its representation office in Dubai, U.A.E. specializing in oil distribution and other related petroleum, gas and energy industries.

Legal Notice Regarding Forward-Looking Statements:

The above news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.

Contact Information

  • CONTACT:
    Petrolium Oil Alliance, Inc.
    Marcel Diab
    Administrative Services
    Tel: +971 4 509 6717