Degaro Innovations Corp.

July 10, 2013 09:22 ET

Degaro Innovations Corp.: Degaro Innovations Corp. enters into Farmout Agreement

CENTENNIAL, CO--(Marketwired - Jul 10, 2013) -

Degaro Innovations Corp.

6025 S. Quebec, Suite 100

Centennial, Colorado 80111

Degaro Innovations Corp. (the "Company") (OTCQB: DGRN) (BERLIN: DGA) is pleased to announce that it has entered into a Farmout Agreement with Blue Water Petroleum, LLC to earn a 100% working interest in the Blue Water oil and gas project (the "Blue Water Project"), a shallow oil project on 12,979 acres in Big Horn County, Montana, for consideration of cash and funding drilling obligations. The Farmout Agreement contemplates development drilling of 5 well "Production Units" consisting of one central injection well, which drives oil to four surrounding production wells, within 40 acre spacing. The Company's first project will be to complete an initial "Production Unit" that already has three existing wells drilled.

"The Blue Water Project presents the Company with the opportunity to step into a project that is ready for commercial development with minimal additional exploration and significant oil in place," said Tom Hynes, the Company's Chief Executive Officer. "We plan to immediately drill the 2 production wells required to complete the initial "Production Unit" pilot program, and to deepen the existing water well for the production of steam to produce oil. It does not happen very often that a new partner steps into a project where the oil has been found and the project goes right into production testing."

Hynes added, "We are pleased with the quick progress we made in the signing of the Farmout Agreement, and we look forward to commencing drilling and the development of the Blue Water Project. Once we successfully complete the initial Production Unit and start Production Testing later on this year, we intend to commence development of several more similar "Units"

We would also like to mention that mwb fairtrade Wertpapierhandelsbank AG has been engaged by Degaro Innovations Corp. to list their shares in Germany. Degaro is now trading on the Berlin Stock Exchange under the Symbol: DGA.

About Degaro Innovations Corp.

Degaro Innovations Corp. is a company with the goal of exploring opportunities in conventional sources of energy such as oil and natural gas. For further information please contact Karen Kocak at 1-888-498-8880.

This press release contains forward-looking statements about the Company and its business, plans, expectations and intentions. Forward looking statements are statements that are not historical facts and include, but are not limited to, statements about the Company's drill plans, expected results and future success. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors are identified in the Company's filings with the United States Securities and Exchange Commission.

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Source: Degaro Innovations Corp. via Thomson Reuters ONE


Contact Information

  • Contact:
    Karen Kocak
    Telephone: 1-888-498-8880