SOURCE: Globalgroup Investment Holdings, Inc.
PLANO, TX--(Marketwire - Jul 18, 2012) - Globalgroup Investment Holdings, Inc. (PINKSHEETS: GIHI) announced today that its subsidiary Sovereign Oil Corp has reached an agreement with Avenill Ventures, LLC to acquire a 50% working interest in up to 10 oil and gas wells in Kansas.
Under the terms of the acquisition of the leases, the Company shall pay one hundred and fifty thousand dollars ($150,000) for a fifty-percent (50%) working interest in the 10 O&G wells.
The JV plans to rework 10 oil wells by the end of 2012. The JV expects that cost of the rework and re-drilling to be approximately $30,000 per oil well.
Fred Rackers, President of Globalgroup Investment Holdings, Inc., stated, "This JV and the secondary recovery drilling in Kansas oilfields is a great opportunity for GIHI and our subsidiary Sovereign Oil Corp. The JV allows the company to diversify our holdings which contains the IT service industry division and now will involve our subsidiary O&G company into the beginning strategic stages of developing Sovereign's natural resource properties."
Upon completing the re-works and drilling as needed on the 10 JV wells, GIHI's petroleum division expects annual revenues of approx $300,000.
About Globalgroup Investment Holdings, Inc.
Globalgroup provides a viable online shopping alternative for fiscally challenged consumers by offering quality name brand products at affordable prices, regardless of household income, through credit alternatives and time-payment options. Globalgroup also offers technology solutions such as GlobalLOK™ that address the computer payment collection challenges associated with rent to own, pay as you go and no-credit-check computer markets, and in other industries where remote PCs and laptops are deployed. Sovereign Oil, a wholly owned subsidiary, has its emphasis on oil and gas exploration, drilling, and well completion.
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