SOURCE: The X-Change Corporation

April 09, 2012 09:53 ET

X-Change Corporation Acquires 44,000 Acres in Bakken-Three Forks Formation

HOUSTON, TX--(Marketwire - Apr 9, 2012) - X-Change Corporation (PINKSHEETS: XCHC) (OTCQB: XCHC) announced today through its subsidiary Cress Oil, Inc., an independent exploration and production company based in Houston, Texas that it has entered into a purchase and sale agreement with a private company to acquire more than 44,000 net mineral acres in the Bakken and Three Forks formation in the US portion of the Williston Basin of Montana. The total purchase price is $30,800,000.00. The leases can be taken in separate blocks of 1,000 or more acres at the discretion of Cress Oil until the entire block of 44,000 acres is taken down.

Cress Oil agrees to drill a minimum of 2 to 4 wells every 12 months during the first 36 months. While there is more total oil available in the Bakken, a greater percentage can be recovered from the Three Forks formation, which is now considered a separate formation from the Bakken. The Three forks area is below the upper Bakken shale zone and opens up for new opportunities for resource plays. The Bakken shale continues to expand into areas like Three Forks causing total Bakken oil reserve estimates to go up.

"Our acreage position in the Bakken and Three Forks formation gives the company a big footprint for exploration and production," said Atul Trivedi, chief executive officer of Cress Oil, Inc. "Our average cost, after the closing, is relatively low at $700 per acre. The Three Forks is made up of sand and porous rock directly below North Dakota's portion of the Bakken formation, where oil-producing rock is sandwiched between layers of shale about 2 miles underground. There is expected to be 30-40 years of drilling in the Bakken Shale and Three Forks formation producing 6 to 24 billion barrels in that region altogether."

A U.S. Geological Survey estimated undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota.

About X-Change Corporation

X-Change Corporation is building interests in a broad range of oil and gas projects worldwide. The Company is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas.

About Cress Oil

Cress Oil is focused on projects for deep and shallow wells domestically and internationally. Cress Oil will partner with other oil and gas companies to explore for reserves on properties the majors have left behind. Cress Oil earns an interest in new reserves acquired and in production. The company intends to grow through a combination of exploration, exploitation, and development drilling, drilling services as well as strategic acquisitions of oil and natural gas fields. For more information, please visit www.cressoil.com

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations.

Contact Information

  • Media contact:
    X-Change Corporation
    Investor Relations
    281-277-0521