SOURCE: X-Change Corporation

March 08, 2012 11:59 ET

X-Change Corporation Forms Wholly Owned Subsidiary Cress Oil

HOUSTON, TX--(Marketwire - Mar 8, 2012) - X-Change Corporation (OTCQB: XCHC) (PINKSHEETS: XCHC) announced today the formation of a wholly owned subsidiary, Cress Oil, Inc. Cress is an independent oil and natural gas exploration and production company headquartered in Houston, Texas.

Cress Oil is currently building shareholder value by actively engaging in the exploration, development, exploitation, and production of oil and natural gas worldwide. Currently Cress Oil is focused onshore in the United States, Egypt, Iraq, Laos, Turkey and Kuwait. The company's diversity in oil and gas potential interests provides long term stable future growth. Cress has a management team that has over 120 years oil and gas experience to service the industry.

Cress is currently in the process of a pilot program of well pressure testing the integrity of the casing on wells in Kuwait. Cress partnered with Energy Services Middle East to test 1000 existing and new development wells for Kuwait Oil Company (K.S.C.) using mobile production testing. The company will launch the project within the next 30 days. The launch time is due to shipping equipment and personnel to Kuwait. It is anticipated that that pilot program will lead into an ongoing contract in the various fields of Kuwait. Cress has partnered with several companies in the UAE and Saudi Arabia on projects in Iraq, Turkey, Kuwait and Pakistan.

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.

On March 2, 2012 The X-Change Corporation filed an 8K announcing the repurchase agreement of Old West Entertainment by the original shareholders of Old West. X-Change accepted the resignation of the officers of Old West and will be appointing New Officers and Directors in the Near future. Currently R. Wayne Duke is the Acting President. Officers of Crest will be appointed to fill the Board of X-Change.

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.

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

    Media contact:
    Teesa Joseph
    281. 580 2853 ext 1510