SOURCE: Pacific Oil Co

Pacific Oil Co

May 12, 2014 08:45 ET

Pacific Oil Company Receives Court Approval for Previously Announced 67 Oil Well Acquisition Located on 9 Canadian Heavy Oil Properties

LAS VEGAS, NV--(Marketwired - May 12, 2014) - Pacific Oil Company ("Pacific Oil") (OTC: POIL), is pleased to announce that its bid to purchase 67 wells located on 9 properties has received approval from Court of Queen's Bench. This approval was required as the assets are being purchased out of bankruptcy at a significant discount to market.

Ed Loven, Vice president of Pacific Oil, said, "The court's decision to allow this purchase to take place is great news for our company. The path is now clear for the deal to be completed which in turn will immediately increase our company's overall value by adding to our portfolio significant assets, production and revenue. As previously stated we plan on working the projects in close proximity to existing assets and divesting for profit those assets that would be more valuable to other companies."

Now that this final regulatory hurdle has been met, Pacific Oil is in a position to close the transaction this week. A press release will be issued once this is complete.

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.

Forward-Looking Statements
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

Contact Information

  • CONTACT:
    Pacific Oil Company
    Ed Loven
    1 888 303 2272
    ir@poil.us


    10120 W. Flamingo Rd., #4 - 240
    Las Vegas, NV 89147
    USA