HOUSTON, TX / ACCESSWIRE / January 25, 2018 / Radiant Oil and Gas, Inc. (OTC PINK: ROGI) announced that it is finishing its audits from the last few years with the intent of getting current on SEC filings in the next few weeks. In 2017 Radiant spent significant time cleaning up its balance sheet, including satisfying $37 million in institutional debt from one of its joint ventures through the sale of assets and has initiated payments leading to elimination of legacy vendor debt from the same joint venture. Radiant has overseen 2 successful wells drilled on the project in Southeast Texas that they intend to purchase and has progressed on financing key projects.
Radiant is in negotiations with several investor groups to fund 8 "low hanging fruit" conventional oil projects in the Gulf Coast onshore region. These historic producing projects still hold significant quantities of proven reserves that can benefit from the use of technology which was not available previously, but which can be utilized today. The initial project consists of 4 producing fields in Texas which are producing ~450 barrels of oil/day.
According to the Department of Energy, the demand for crude is significantly up from last year. We expect this trend to continue and prices to stay strong through 2018.
"Radiant has chosen conventional fields in areas where the cost to produce is exponentially lower than shale plays and has determined its cost to produce less than $12 per barrel protecting investors from any unforeseen wavering in the price of oil," said John Jurasin, Radiant's Chairman and CEO.
