SOURCE: The X-Change Corporation

April 13, 2012 09:14 ET

X-Change Corporation Acquires Additional 65,000 Acres in Bakken Shale Formation With a Total of 109,000 Acres

HOUSTON, TX--(Marketwire - Apr 13, 2012) - X-Change Corporation (OTCQB: XCHC) (PINKSHEETS: XCHC) announced today through its subsidiary Cress Oil, Inc., an independent exploration and production company based in Houston, Texas that it has acquired a 65,000 gross acre (50,000 net acre ) lease position in the Alberta Bakken Shale formation in Montana.

Cress Oil plans to drill the initial 6-9 Bakken wells during the next 24-36 months, which will represent the start of a continuous, multi-rig development program for the company. In conjunction with a major oil company, Cress will develop the large acreage region over a period of the next 5 years.

"Our 65,000 acreage position in this region gives us a large competitive advantage in the Bakken Shale," said Atul Trivedi, chief executive officer of Cress Oil, Inc. "We believe the Bakken Shale gives X-Change Corporation a game-changing resource play for the United States and will be a major focus of Cress's future exploration and production activities."

In addition Cress Oil has taken down 7,500 of the 44,000 mineral acres position the company purchased earlier in the Bakken and Three Forks formation in the US portion of the Williston Basin of Montana.

The mineral interest acquired by Cress Oil covers approximately 44,000 acres in Roosevelt County, Montana in the northeast range. The Roosevelt County continues to increase in daily production in oil and gas as more wells are successfully drilled. The company plans to drill within the next twelve months. The objective of this project is to exploit recently discovered reservoirs of shale oil and gas and other minerals. According to recent studies there is a large oil formation throughout the lease.

U.S. Geological Survey reports have found that the Bakken Shale is one of the largest and richest continuous oil accumulations in the United States. Because the Bakken shale has moved up into Canada, specifically Alberta, Canada, Cress Oil intends to explore and develop deep into the southern Alberta basin of Montana as well. There is an estimated of 6-24 billion barrels of oil to be recovered in the Bakken formation.

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

  • X-Change Corporation
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    281-277-0521