SOURCE: Innocent Inc.

November 25, 2013 10:37 ET

Innocent Inc. Announces Letter to Shareholders

MELBOURNE, FL--(Marketwired - Nov 25, 2013) - Innocent Inc. (OTCQB: INCT) (the "Company"), a development stage oil and gas drilling and exploration company, is pleased to announce communication from President and CEO Wayne Doss to INCT shareholders.


The last several years have been a disappointment as it relates to the companies' ability to fund and bring to successful conclusion the Ecuador and Steele Resources Joint-Ventures, respectively. And although the potential of the opportunities was worth the effort, the timing and ability to execute was not in our favor. The excessive amount of up front funding in a tight financial market gave new investors great concern. With that being said, we have decided that the future business model will consist of opportunities with less initial funding requirements to prove the opportunity, greater management control over the expenditures, a mandate to operate with our partners as a team, and the company involvement not just the funder of the venture, and then to build on this initial success.

Although we have reserved the losses incurred in our past ventures, we plan to hold the companies accountable for the revised and collateral agreements they entered into. We will not walk away from the obligation of these companies and will take whatever action is necessary to recover and hold them accountable. The final agreements in these ventures required the parties to repay the funds Innocent provided regardless of the success or failure of the project.

We believe that the newly announced exploration opportunities in the Powder River Basin of Wyoming, meets our current company business model. We will operate in our backyard, with proven professionals in the oil and gas industry, and structure the operating agreements in a manner that all involved will share on the rewards. The funding requirements will be line item detail, the expected return will built on a conservative basis and the assumptions will be clear and defined. This way we will be able to adjust the operating plan to maximize gains and minimize losses and not be committed to excessive amounts of capital prior to seeing the rewards of the operation.

As most development stage companies, we must seek new capital to implement our current announced opportunities, with the level of detail we have prepared to support this new venture and the reward potential, and we are reasonably confident the company can secure the funding to move forward. In the event we are not successful in a timely manner we will reduce the size and scale of our initial plan to prove the business model.

In summary, management believes that in presenting a new business model that can be as small as drilling several oil wells to drilling many within a very short time-frame in areas rich with history to support the management assumptions, documents to back up and substantiate our business model, and a well-seasoned team of oil and gas professionals in fold, management firmly believes this approach can be the winning formula that can only benefit with the success of the program, finally providing the company both a realistically financeable and controllable operation.

Warm Regards,

Wayne Doss

About Innocent Inc.
Innocent Inc. is a development stage oil and gas exploration and production company focused on developing properties in North America. Innocent Inc. plans to minimize the risk of exploration through development of proved petroleum reserves, and expects to maximize profit through strategic acquisition and liquidation of selected oil and gas properties. Innocent Inc. has partnered with industry experts in this agreement and they will provide the technical guidance and field management experience. Together, this new team of Innocent Inc. and Evergreen Petroleum will focus on acquiring low risk, high upside properties coupled with substantial exploration potential. Through improvements in oil and gas production technologies, we seek to rapidly increase production levels and generate predictable, sustainable value. Adhering to our narrow, clearly defined strategy, we are focused on 100% acquisitions and joint-ventures to maximize our production capacity.

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, general economic or industry conditions, nationally and/or in the communities in which our company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our access to capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting our company's operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Contact Information

  • Contact:
    Innocent Inc.
    Patrick J. Johnson
    Chief Operation Officer