SOURCE: Eos Petro, Inc.

Eos Petro, Inc.

May 30, 2013 09:00 ET

Eos Petro, Inc. Completes Financing to Reopen and Drill Wells

LOS ANGELES, CA--(Marketwired - May 30, 2013) -  Eos Petro, Inc. (OTCQB: EOPTD), an oil and gas acquisition, exploration, and development company, today announced that it recently completed the final tranche of the previously announced $2.5 million dollar financing for Eos's "Works Property" oil and gas leases in Illinois, in which Eos has 80% net revenue interest and 100% working interest. The loan proceeds were predominantly designated to reopen and drill new wells on the Works Property.

"With this targeted financing, we have reactivated six of the twenty existing previously shut-in oil wells and have completed the drilling of two new oil wells on our Works Property," said Nikolas Konstant, Chief Executive Officer of Eos Petro, Inc. "Although production can vary, the two new oil wells, completed in mid-April 2013, have seen combined daily production averages of approximately 104 barrels of oil a day over the last 30 days. We expect to also drill three more new wells, two vertical and one horizontal, on the Works Property and reactivate the remaining 14 wells with the proceeds of the financing. As a part of our larger development, acquisition and other growth plans, we expect to continue to pursue financing opportunities to capitalize on the current attractive conditions in the capital markets." 

About EOS Petro
Eos Petro, Inc. is an American company primarily in the business of acquiring, exploring and developing oil and gas-related assets, both domestically and internationally. The Company's current, active properties are located in the Illinois Basin. Additional information can be found on the company's website at www.eos-petro.com

Forward Looking Statements
This press release contains or is based upon projections, expectations, beliefs, plans, objectives, assumptions, descriptions of future events or performances and other similar statements that constitute "forward looking statements" that involve risks and uncertainties, many of which are beyond our control. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "will continue," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," and similar expressions. All statements, other than statements of historical facts, included in this press release regarding our expectations, objectives, assumptions, strategy, future operations, well production, financial position, estimated revenue or losses, projected costs, prospects and plans and objectives of management are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Our actual results could differ materially and adversely from historical results and from those anticipated in such forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: well production variances, production interruptions, decreases in the price for oil and natural gas, changes in competitive commodity prices, increases in the cost or unavailability of production or transportation equipment or services, general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Eos' filings with the Securities and Exchange Commission. It is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this press release are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future

Contact Information

  • Company Contact
    Nikolas Konstant
    CEO
    EOS Petroleum, Inc.
    +1 310.552.1555

    Investor Relations Contact
    Michael Briola
    Partner
    Anubis Partners, LLC
    +1 541.482.0919
    Email Contact