Greater Sooner Holding, Inc. GSNH) is pleased to
announce that the Company has satisfied the financial terms of its
Letter of Intent (LOI) to acquire the Operating Rights and Lease
Assignments in the Clayton Field, Live Oak County, Texas. With the
closing of this transaction, the Working Interest and Net Revenue
Interest transfers from the current operator to the Company. Revenues
from the Clayton Field oil and natural gas sales will flow to the
company by early May after accounting transfers are completed.
Greater Sooner Holding today announces the intent to develop a
South Texas property consisting of an area of mutual interest of
approximately 100 square miles. This area of South Texas is known for
producing hydrocarbons from multiple objectives. Additional
information will be made available upon the evaluation of the existing
3-D seismic data and the acquisition of key leases. Probable Reserve
Value is estimated to be in excess of over $250 Million.
Russell F. Krauss, CEO of Greater Sooner Holding, said, "We are
very pleased to close the Clayton Field acquisition so that we can
begin to report revenue to shareholders generated by oil and gas
production. Adding to our interests will solidify our future expansion
with the next South Texas exploration and development project."
About Greater Sooner Holding, Inc.
Greater Sooner Holding, Inc. is a crude oil and natural gas
exploration and production company with operations in Houston, Texas.
The Company executes a repeatable business model to generate cash flow
by reworking existing operating wells with proven reserves and using
the proceeds to drill new and deeper wells in the target project area.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, the potential for additional customer growth
from acquired operations and additional opportunities for growth.
There are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including: general economic business conditions,
unfavorable weather conditions, the success of certain cost
containment initiatives, changes in regulations or regulatory
treatment, availability and the cost of capital, the success of growth
initiatives, and other factors discussed in our filings with the
Securities and Exchange Commissions. Additionally, this release may
not be considered as legal, accounting, or investment advice, and is
not, and may not be considered, a solicitation for the purchase of any
securities issued by Greater Sooner Holding, Inc.
KEYWORD: NORTH AMERICA TEXAS UNITED STATES
INDUSTRY KEYWORD: ENERGY OIL/GAS NATURAL RESOURCES MINING/MINERALS
SOURCE: Greater Sooner Holding, Inc.
CONTACT INFORMATION:
LC Group
Rick Lutz, 404-261-1196
lcgroup@mindspring.com
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