SOURCE: AsherXino

January 06, 2011 14:41 ET

AsherXino Corporation Negotiating With Large Oil and Gas Company to Farm Out Drilling Program on Its Nigeria Offshore Block OPL 2012

HOUSTON, TX--(Marketwire - January 6, 2011) -  AsherXino Corporation (OTCBB: AXNO) today announced that it is negotiating with a large oil and gas company on a partial farm out of AsherXino's Oil Prospecting License (OPL) 2012 offshore of Nigeria. Details of the proposed farm out were not disclosed.

AsherXino is an oil and gas exploration company focused on both offshore and onshore prospects in Nigeria and Ghana. The Company owns a 40% leasehold interest in offshore development block OPL 2012, and is currently working to finance the project through a combination of debt and equity. The Company also owns a 40% interest in offshore development block OPL 289 and intends to acquire additional leaseholds in Nigeria.

Cautionary Statement
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, based on current expectations, activities, estimates and projections that are subject to risk. Specifically, statements about the Company's negotiations on potential farm out agreements, holdings, financing plans and growth plans are forward-looking statements. These statements are based on our expectations and are naturally subject to uncertainty and changes in circumstances. Readers should not place undue reliance on these forward-looking statements, and the Company may not undertake to update these statements in the future. Actual results could vary materially from these expectations.

Contact Information

  • Contact:

    Mike Hinton
    President
    AsherXino Corporation
    Ph: 719-633-5301
    Email Contact