FOR IMMEDIATE RELEASE
Global Prospecting Ventures Completes Negotiations to Acquire Majority Ownership of Oil and Gas Partnership.
9/21/04
SAN FRANCISCO, Sep 21, 2004 /PRNewswire-FirstCall via COMTEX/ --
Global Prospecting Ventures, Inc. (OTC Bulletin Board: GPVN) Global is pleased to announce that it has now completed negotiations to acquire a 51% majority ownership of Layette Oil and Gas Partnership LP. Through the partnership Global will acquire a major working interest in a currently producing natural gas field under mineral land leases in Fentress County, Tennessee. The partnership will acquire a 100% working interest in the wells.
In a News Release dated September 1, 2004 the Company announced that upon completion of negotiations, it would drill and test, equip and open the production of five to ten new wells in the State of Tennessee, located within a current operating field sitting above proven oil and gas resources. The Company’s Gas production would be delivered through an existing pipelines network and will be sold to major gas distributors under an existing Gas Purchase Agreement. The new natural gas wells will be drilled, operated and maintained under contracts with Young Oil Corporation and under long term mineral land leases with property owners.
Young Oil Corporation of Kentucky will act as the Operator. Anthony Young, President of Young Oil, was named the Tennessee Oil & Gas Association’s Oilman of the year in 1999. Bill Goodwin, President of the Tennessee Oil & Gas Association said: “When we select an Oil Man of the Year, we are looking for that individual who makes things happen. Anthony Young is such a man. He is creating a boom because he drills lots of wells, has a great hit ratio and treats his investors and partners fairly. That is the reason he is so successful and that is the reason he received the award”. Mr. Young is the state’s recognized leader in shallow oil and gas discoveries and Young’s wells produce from depths of less than 1,500 feet and some at depth of less than 500 feet.
Young Oil Corporation is a privately owned oil and gas exploration and production firm with operations in Kentucky and Tennessee. Young utilizes its own drilling rig to drill all its wells. In 2002, Young Oil had the best productive well to dry hole ratio in the state, with 57 producing wells out of 72 drilled.
The Company plans to raise $900,000 through a Private Placement Offering of Two Hundred Convertible Debentures at $4,500 each. The Offering will be made in accordance with and pursuant to the provisions of Rule 505 of Regulation “D” promulgated under the Securities Act of 1933. This will cover the cost for the first five well drill program which is expected to be drilled before the end of the year. The Company plans to raise an additional $900,000 at the beginning of 2005 for the second five well drill program to be drilled early Spring 2005.
Net earnings are projected at $300,000-$500,000 in year One, which may be accomplished and reached within the next nine months.
The outlook for North American Oil and Natural Gas ("Gas") is extremely positive from an operation and investment perspective. Increasing US energy demands projected over the near and long term should sustain major gains for Gas and Oil producers in North America.
In a News Release dated September 1, 2004, Global announced a reverse split of outstanding common stock on the basis of one (1) for four (4) shares owned, with each resulting fractional share rounded up to the nearest whole share. The number of authorized shares of common stock was not affected.
The Company is now acting as its own Transfer Agent and has authorized Tayler & Associates to be responsible for stock transfers and regulatory compliance. Tayler & Associates: 1184 Denman Street, Unit 101, Box 616, Vancouver BC V6G 2M9, PH 604-685-7024, FAX 604-684-7024.
Shaun Spelliscy has resigned as President due to business commitments and other obligations. He will continue to act as a consultant to the Company. Judy Tayler is the acting new President.
Global's Land Holdings
Early 2004 the Company outlined an extensive diamond and gold exploration and drill program. Due to adverse financial circumstances, the Company was unable to provide adequate funding to maintain all lease options in a current status. Several of the lease options expired and have returned to the original owners.
Currently Global has secured over 4,480 acres of land favorable for diamond exploration and development in the Fort a' la Corne area of Saskatchewan and 1,000 acres of land in the La Ronge gold Belt favorable for gold exploration. Global's claims hold great promise for some significant economic discoveries of diamonds, gold and other precious and base metals.
Saskatchewan Diamonds: Global's three diamond claims: White Gull, Candle Lake and Birchbark, are centered in and around the Fort a' la Corne (FALC) forest which is the largest accumulation of diamondiferous kimberlites discovered to date in the world. This past winter Global joint-ventured with Garnet Point, whereby Garnet earned a 37.5% interest, by drilling the Candle Lake property. Our first drill hole on the Candle Property was unsuccessful. The Birchbark Target was surveyed using ground magnetics, and contains a strong magnetic anomaly which has not been drilled yet due to the spring thaw.
Saskatchewan Gold: The Cratty Lake Gold Property, (Claim S-101718) consisting of 1,000 acres, is located in the La Ronge gold belt within ten kilometers of three past producers -- the Star Mine and the Jasper Mine (previously owned by Cameco Corporation), and the Jolu Mine (previously owned by Corona Corporation). The property has been drilled before and exhibits targets that require further prospecting and geo-chemical sampling.
Website: We are revising our website to reflect current focus of the company. Please note we have a new website address: NEW website: www.globalprospectingventuresinc.com Old website: www.globalprospectingventures.com
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby.
Investors are cautioned that certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors. Such uncertainties and risks include, among others, certain risks associated with the closing of the transaction described above, government regulation, and general economic and business conditions. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the, forward-looking statements contained herein should not be regarded as representations by the Company or any other person that the projected outcomes can or will be achieved.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, GPVI notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties and there can be no assurance that other factors will not affect the accuracy of such forward- looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
For further information contact: USA Matt Hansen PH: 415-706-0993 CANADA Judy Tayler PH: 604-685-7024 email: info@globalprospectingventuresinc.com
SOURCE Global Prospecting Ventures, Inc.
in the U.S., Matt Hansen, +1-415-706-0993, or in Canada, Judy Tayler, +1-604-685-7024, both of Global Prospecting Ventures, Inc., info@globalprospectingventuresinc.com
http://www.globalprospectingventuresinc.com
Copyright (C) 2004 PR Newswire. All rights reserved.
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