SOURCE: Asher Xino Corporation

January 07, 2011 19:11 ET

AsherXino Corporation Receives Letter of Intent From International Oil and Gas Company for Partial Interest in Its Nigeria Offshore Concession

HOUSTON, TX--(Marketwire - January 7, 2011) - AsherXino Corporation (OTCBB: AXNO) today announced that it has received a letter of intent from an international oil and gas company for a partial interest in a Nigerian offshore concession in the Gulf of Guinea. AsherXino and the company are in the process of concluding additional equity participation. Details of the proposed equity participation were not disclosed.

Highlights:

  • Strategic focus on the production of a producing oil and gas field;
  • Positioned for exploration and production of (undeveloped undiscovered) oil and gas fields;
  • Collaboration with credible international companies.

AsherXino is an oil and gas company focused on both offshore and onshore prospects in Nigeria. The Company is currently working to finance its project through a combination of debt and equity. The Company 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, letters of intent, 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

  • Bayo Odunuga
    Chief Executive Officer, AsherXino Corporation
    Cell: +1 404-644-4558
    Office: +1 713-413-3345 ext. 205