SOURCE: Century Capital Markets

September 07, 2012 11:00 ET

GIHI Subsidiary Strikes Oil on Its First Re-Worked Well

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the CENTURY CAPITAL MARKETS

NEW YORK, NY--(Marketwire - Sep 7, 2012) - Globalgroup Investment Holdings, Inc. (PINKSHEETS: GIHI) has announced that their subsidiary Sovereign Oil Corp has completed its first re-worked oil well in Kansas. The initial re-work located on the South West corner of the lease was successful and oil flows are strong with production expected to be 1-2 barrels of oil, per day.

Oil companies began exploring Southern Kansas over a year ago, seeing enormous potential in the area now that new technologies like horizontal drilling and fracking have made it possible to tap into the oil-rich Mississippian Limestone formation.

According to a recent study, the United States reduced net imports of crude oil last year by 10%, or 1 million barrels a day. The U.S. now imports 45% of its petroleum, down from 57% in 2008. U.S. crude oil production increased by an estimated 120,000 barrels a day last year over 2010, the report says. Current production, about 5.6 million barrels a day, is the highest since 2003.

Other Energy Stocks Active In Kansas Are; SandRidge (NYSE: SD) Heartland Oil and Gas (PINKSHEETS: HTOG) and MV Oil Trust (NYSE: MVO)

This report is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Information, opinions and analysis contained herein are based on sources deemed to be reliable and are subject to change without notice. A third party has hired and paid Century Capital Markets one thousand two hundred and ninety five dollars for the publication and circulation of this news release. Accordingly, certain information included herein may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. However, no representation, expressed or implied, is made as to the accuracy, completeness or correctness. In light of the above, we accept no liability for any losses arising from an investor's reliance on or use of this report. We do not and have not had any ownership interest in said third party of any kind.

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