SOURCE: Gold Coast Mining Corp.
WILTON, CT--(Marketwired - Oct 8, 2013) - Gold Coast Mining Corp. (OTC Pink: GDSM), is pleased to announce that the Company has signed a Letter of Intent to acquire 100% of a producing oil project in Navarro County, Texas.
The LOI between the Company and Galahad Limited Partnership #1, LP ("Galahad") is for the acquisition of two producing oil wells on Lease #17652 (District 5, RRC Identifier 03935). The LOI also includes drilling a third well on the same Lease upon closing. The two wells, drilled in 2010, have been producing 140-150 barrels per month.
The purchase price is $500,000 and the agreement is structured as "unit deal" which allows the Company to acquire individual units. While structured on a unit basis, the Company is actively in discussion to obtain debt financing for the acquisition.
Michael Shea, CEO, stated, "I am very pleased and excited with this acquisition. This solidifies our Company as an entity capable of doing larger acquisitions, provides GDSM with positive cash flow, and demonstrates the tremendous upside and potential."
The Company will keep shareholders and the investment community updated and it moves through the due diligence process.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in the mining and energy sectors. The Company's goal is create a vertically integrated oil division and continue its diversification into other high growth industries. The primary goal is generate cash flow to sustain and grow profitability.
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Safe Harbor Statement
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