LAS VEGAS, NV--(Marketwired - Feb 11, 2014) - Pacific Oil Company ("Pacific Oil") (OTC: POIL), is today announcing that it has entered into negotiations to purchase a 64% working interest in 12 producing heavy oil wells in Maidstone Saskatchewan Canada. The wells are being purchased out of bankruptcy with the trustee being represented by Sayer Energy Advisors.
Ed Loven, Vice president of Pacific Oil, said, "It's no secret that as a company we like heavy oil in this area due to managements experience with the commodity, expertise in its production and preexisting relationships in the vicinity. The purchase of these producing assets at a significant discount is just the opportunity we have been looking for in this prolific area. Once this transaction is complete it will represent a significant uptick in Pacific Oils net asset value.
Pacific Oil is currently in the process of rigorously vetting the potential acquisition through a strong set of control mechanisms and extensive due diligence. The Company will update the public via press release as milestones in the process are achieved.
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