LAS VEGAS, NV--(Marketwired - Mar 17, 2014) - Pacific Oil Company ("Pacific Oil") (OTC: POIL), is pleased to announce that it is in talks with a major energy producer with the goal of purchasing both wells and property boarding its 9600 acre Lacadena Project. The deal being discussed consists of 11 natural gas wells situated on 3,840 acres of energy rich land.
Ed Loven, Vice president of Pacific Oil, said, "While going through the process of bringing the Lacadena wells back to full production we were presented with the opportunity to expand the project by purchasing the assets located directly beside our project. As a company we are bullish on the long term importance of natural gas and anticipate it being a significant portion of our overall production portfolio. The possibility to increase our natural gas foot print in an area in which we already have resources committed to is an opportunity that that makes sense from both a operational and financial standpoint. Our counter party to the discussions is a major energy producer and our relationship with them is solid. I am confident that a deal can be made in the near future."
The proposed assets are currently going through the control mechanisms that Pacific Oil has in place for all potential acquisitions. Once the due diligence is complete, Pacific Oil will submit a formal offer and update the public.
About Pacific Oil Company:
A Nevada based corporation, Pacific Oil Company is a dynamic junior energy company with both established assets and production within the energy rich province of Saskatchewan Canada.
The company continues to add value and set the stage for rapid success through low risk acquisitions and organic growth achieved through further development of existing properties. Pacific Oil fully understands that a balance must be struck between short term profitability, increasing net asset value and the long term growth that rewards early shareholder.
Pacific Oil operates under the notion that operational efficiency achieved through the minimization of administrative overhead is of the upmost importance if costs are to be kept under control and profits maximized for investors. All capital expenditures must provide value and risk control must be present at all times.
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although management believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the company's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.