SOURCE: The X-Change Corporation

September 10, 2012 10:13 ET

X-Change Corporation Closes on the Acquisition of Cutbank Operating, Inc. for Drilling and Operations in the Bakken Shale

DALLAS, TX--(Marketwire - Sep 10, 2012) - X-Change Corporation (OTCQB: XCHC) announced today that it has closed its acquisition on Cutbank Operating Company, Inc. to expand the management and operations for exploration and production on its leases in the Bakken Shale. The acquisition of Cutbank Operating Inc., Inc. enables X-Change Corporation's ability to fully operate as an independent oil and gas operator in the developmental and operation of wells on its leases, and the servicing of drilling and workover rigs in Montana.

Cutbank operating Inc. is a company that has decades of experience in exploration utilizing a diverse range of geo-scientific approaches, including seismic analysis and sedimentary residual magnetic field analysis. Once prospects are identified and leased, Cutbank Operating Company has the ability to drill prospects without paying any profit to a third party contractor and without reliance on another contractor's rig schedule. X-Change Corporation's recent acquisitions in the Bakken shale provide the company with excellent drilling opportunities for strong production revenues in the near foreseeable future.

In addition X-Change Corporation formed a new subsidiary, Big Sky, Inc. for acquisitions of newly targeted leases for exploration and production of shale plays in the United States. Big Sky has acquired approximately 19,000 acres, of mineral leases, in the Williston basin in Eastern Montana. The Company currently plans to start a drilling program during October.

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 Cutbank Operating, Inc.

Cutbank Operating Inc., based out of Houston, Texas is an oil and gas services company that is engaged in acquisition, development drilling, exploitation, exploration and production of crude oil and natural gas. In addition, it serves as a multidisciplinary international oilfield service and supply company. Cut Bank Operating, Inc. uses innovative technologies, proprietary resources, and abundant field expertise for efficient field operations in drilling and exploration. Each drilling project is evaluated to increase value through detailed analysis of the situational requirements followed with exceptional operational execution. Cutbank operating Inc. provides the best technologically advanced solutions to a myriad of problems encountered in exploitation and exploration of oil and gas throughout the Bakken Shale.

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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    Investor Relations