DALLAS, Feb. 21, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – BestNPet, Inc. (OTCPINK: BPET), a Nevada company announces that effective February 15, 2019, Michael Rafael has been appointed President and Chairman, BPET's former management and directors have resigned. MDM Permian, LLC and MDM Energy, Inc. has effected a reverse merger with BestnPet, Inc. BPET's new focus will center on domestic oil and gas production as MDM Energy has been doing since 1981.
BestNPet, Inc. will be immediately filing for a name and symbol change to reflect the energy focus to MDM Permian (MDMP). MDM Permian, LLC was formed in the great State of Texas in Feb. of 2017. Post-merger, MDM Permian, LLC has become BestnPet, Inc. As the name indicates, MDMP was formed to exploit resources in the Permian Basin of West Texas and Eastern New Mexico. We currently have 2 prospects in West Texas and 1 in Southeastern New Mexico. Our main objective is the Wolfcamp Shale and Bone Springs formations; they also have conventional production horizons as well.
MDM Energy, Inc., incorporated in the great State of Texas in Feb. 1981 and is a wholly owned subsidiary of BestnPet. The company was nominated for Wildcatter of The Year by the Illinois Oil and Gas Association in 2009 for the discovery of a new oilfield in Effingham County, Illinois. MDM Energy, Inc. holds permitted acreage that is ready to drill for Devonian Reef production in Clay County, Illinois.
“We have drilled over 100 wells in southern Illinois during the past 10 years. Discovered and sold off three significant oil fields and implemented 2 waterflood programs,” stated Mr. Rafael. The company remains a bonded Operator in Illinois, #4154. MDM Energy, Inc. is registered as a foreign corporation in good standing with the Illinois Secretary of State. The company has provided services as a third-party operator for other companies, providing pre-production or “cradle” to plugging or “grave” operations. We have identified and leased prospects for our self and others, as well as overseeing the drilling, completion and day to day operations of hundreds wells in three states, Kentucky, Texas and Illinois. MDM Energy, Inc. had discovered and developed 2 oilfields and one gas field in Kentucky in the 1980’s and 1990’s. The company was also at the forefront of the early years of the Barnett Shale development and worked on some of the first successful slick water fracs in Texas in the early 2000’s.
MDM Energy, Inc. has enjoyed a long relationship with Countrymark Refinery, located in Mt. Vernon, Indiana. They have been the purchaser of our Illinois Basin crude oil for over 25 years.
“Our primary goal is to create value through lease acquisitions, vertical and horizontal drilling and production, waterflood operations, purchase of existing production, gathering and interpreting scientific data, etc.”
“I look forward to growth and prosperity for our company, our partners, and shareholders,” further stated Mr. Rafael.