LAS VEGAS, NV--(Marketwired - Apr 11, 2014) - Pacific Oil Company ("Pacific Oil") (OTC: POIL), is pleased to update the public on its previously announced bid to purchase 67 oil wells on 9 Canadian heavy oil properties. Pacific Oil's all-inclusive bid has been accepted by Grant Thorton LLC Trustee who will now submit the offer to the Court of Queen's Bench for final approval and acceptance.
Ed Loven, Vice president of Pacific Oil, said, "Provided final approval from the courts is granted, this acquisition will immediately increase Pacific Oil's revenue stream and asset base by a meaningful amount which intern will dramatically increase the overall value of our company as a whole. Pacific Oil looks forward to further increasing and strengthening our operational foot print in this energy rich area to the benefit of our shareholders and will we continue to execute our growth strategy moving forward."
Pacific Oil anticipates an expedited decision from the Court of Queen's Bench and will update the public on the status of the decision via press release.
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.