Fulucai Productions Ltd.
OTCQB : FCPS

August 05, 2014 16:07 ET

Fulucai Announces Amended Memorandum of Understanding to Acquire Interest in Indonesian Oil and Gas Properties

CALGARY, ALBERTA--(Marketwired - Aug. 5, 2014) - Further to the press release dated May 28, 2014, Fulucai Productions Ltd. (OTCQB:FCPS) ("Fulucai" or the "Company") is pleased to announce that it has entered into an amended Memorandum of Understanding (the "MOU") with Blue Sky Langsa Ltd. ("BSL"). Under the terms of the amended MOU Fulucai will be replacing its proposed acquisition of 15% working interest in certain oil and gas interests offshore North Sumatra, Indonesia (the "Properties") known as Langsa Technical Assistance Contract (TAC) with a 5% carried interest.

Under the terms of the amended MOU, the Company will acquire a 5% carried interest in the Langsa TAC for $306,189 US and shall issue 1,000,000 shares of the Company at a deemed price of $.40 per share to satisfy the purchase price amount. The Effective Date has been amended to May 1, 2014 and the Closing Date is August 14, 2014. On Closing Fulucai shall be assigned 5% of Langsa TAC including its proportionate share of the Sunk Cost Pool, which is $61,237,895 US as of December 31, 2013 ($3,061,894 US net to Fulucai) plus all wells producing and non-producing (L1, L2, L3, L4, H3, H4) and all equipment on the subject wells.

ON BEHALF OF THE BOARD

Mo Fazil, President

Disclaimers

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this news release includes, but is not limited to, statements regarding expectations of management regarding the expiry of hold periods attached to the securities issued in settlement of debts as described in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risk that the hold period on the shares may not expire as expected. Other than as required by law, the Company does not intend to update the forward-looking information contained in this news release.

Contact Information

  • Fulucai Productions Ltd.
    Mr. Mo Fazil
    President
    403-613-7310