Fima Inc.

October 10, 2012 16:00 ET

Fima Inc. Announces Reaching an Agreement to Acquire Producing Oil Leases for 5 Million USD

CALGARY, AB--(Marketwire - Oct 10, 2012) - In connection with the company's stated objective to become an oil exploration and production company, Fima Inc. (PINKSHEETS: FIMA) is pleased to announce that it has reached an agreement with American Eagle Operating, LLC to acquire the majority working interest in 6 producing oil leases in Wichita County, Texas. The acquired leases are comprised of 670 acres, and a total of 73 wells that are located on the leases. There are 65 oil wells with 57 currently producing and 8 water disposal/injection wells. There are over 50 developmental drilling sites available for future growth. Fima is in receipt of a qualified reserve report dated September 24th, 2012 prepared by Nova Resource Inc., which values the properties using a 10% NPV at $24,150,178. The purchase price will be a combination of shares and notes, and is subject to the entering into of a Definitive Purchase Agreement. The company is planning a drilling program to increase production.

Management will keep shareholders informed of events as they develop.

Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of FIMA Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Contact Information

  • For further information please contact:
    Mr. Keith Alexander Jr.
    Fima Inc.
    Email Contact