SOURCE: Superior Oil and Gas

July 12, 2010 07:09 ET

Superior Oil and Gas Co. Achieves Reduction of Its Operating Payables

CALUMET, OK--(Marketwire - July 12, 2010) -  Superior Oil and Gas Co. (OTCBB: SIOR) has achieved a reduction of its operating payables, announced Dan Lloyd, Jr., Vice President of Superior. "With the participation of our joint venture partners, we have reduced operating payables by 12% as compared to the previous quarter. We consider the improvement of our working capital and liquidity to be extremely vital in being able to move forward on our ambitious drilling program. This will be a major focus of the company," Lloyd added. 

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Superior Oil and Gas Co. is an independent oil and gas developer and producer. It is looking forward to pursuing new joint ventures that will exploit unique oil & gas drilling and work-over opportunities. It has accumulated various oil and gas properties in Oklahoma.

This Press Release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Superior's ability to successfully acquire resources and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, either if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.

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