SOURCE: Falconridge Oil Technologies Corp.

January 27, 2015 10:39 ET

Falconridge Oil Technologies Signs Letter of Intent With Tubestar of India

RICHMOND HILL, ON--(Marketwired - Jan 27, 2015) -  Falconridge Oil Technologies Corp. (OTCQB: FROT) ("Falconridge" or the "Company") an emerging oil and gas technology company, is pleased to announce the signing of a Letter of Intent with Tubestar Oil and Gas Services Pvt. Ltd. ("Tubestar") of India for representation and deployment of the Company's Terraslicing well enhancement and oil recovery technology ("TST").

Under the terms of the LOI, Falconridge will be working closely with Tubestar for assessment of properties in the India market for potential deployment of TST. Under a definitive agreement, Falconridge will grant rights to Tubestar for marketing, representation, and deployment of TST to their clients. Under the proposed agreement, Tubestar will target major oil and gas assets within their service range for targeted deployment of TST.

Tubestar, an international oil and gas services company with multiple offices in India, United Arab Emirates, Ghana, and Saudi Arabia, has received significant interest from within their client base for the deployment of enhancement services in line with that offered by Falconridge.

"The recent change in oil prices has created a very high demand to maximize current and existing assets over the risk and cost associated with exploration and the deployment of new assets," stated Mark Pellicane, President of Falconridge. "Tubestar received significant interest in the deployment of TST to their client base, and this created a significant and exciting opportunity for Falconridge. Using TST in place of new exploration simply makes financial sense and we are pleased to be working with Tubestar to meet their client's needs." 

Falconridge will be working closely with Tubestar and their clients to assess potential targets with a focus on use of TST to maximizing current production and revenue. A definitive agreement (pending) will allow Tubestar to represent the TST services to a larger client base and outline the parameters for a large scale roll out of TST within the region.

About Falconridge Oil Technologies Corp. (FROT)

Falconridge Oil Technologies Corp. (OTCQB: FROT) is an emerging Canadian based oil and gas company focused on licencing, developing, and deploying cutting-edge technologies to enable operators to economically increase production levels, expand known oil and gas reserves, and reduce environmental impact. Falconridge's licenced and patented third-generation Terra Slicing Technology™ ("TST™") is the best option as an alternative to traditional fracturing / fracking on existing low producing wells throughout Canada and the USA.

For additional information, visit the Company's website at www.falconridgeoil.com

About Tubestar

Tubestar services the oil and gas industry with its head office located in India and international service offices with deployment capability in India, Saudi Arabia, United Arab Emirates, and Ghana.

For additional information, visit the Company's website at www.Tubestar.com

Disclaimer

This press release contains "forward-looking statements." Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future and, specifically, references to TST and its capabilities. The reader can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The reader should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, that TST is positioned to become a leading alternative and improvement to traditional fracking techniques and well stimulation for most low-volume under-performing oil and gas wells, and that TST will continue to be able to increase permeability. The risk factors listed in our disclosure documents and the cautionary language on the Company's website provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by the Company in its forward-looking statements. Actual results relating to, among other things, the characteristics and capabilities of TST could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: level of exploration and drilling activities, ability to secure operations staff and equipment; changes in the operating costs; changes in economic conditions, foreign exchange and other financial markets; changes of the interest rates on borrowings; in the investments levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which the Company operates; technological, mechanical and operational difficulties encountered in connection with the Company's development activities; and labor relation matters and costs. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by the Company from time to time with the Securities and Exchange Commission and other regulatory authorities. "Terra Slicing Technology" and "TST" are trademarks of Falconridge Oil Technologies Inc.

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