Global Environmental Energy Cp (GEECF)

[Hitman970]

Oldie
Sahara Petroleum Exploration Corp. Contracts for USD $980,000,000 Loan with Diamond Ridge
Thursday, June 2, 2005
PRESS RELEASE–NASSAU, Bahamas–June 1, 2005–Sahara Petroleum Exploration Corp., confirmed today that it has received a new loan commitment from its financier Diamond Ridge for USD$980,000,000.
The loan in the amount of nine hundred and eighty million United States dollars bears an interest rate of 6% per annum payable annually and is made against a promissory note, which is due and payable on May 25th, 2015. The funds are to be used to fund the expansion of Sahara Petroleum Exploration Corp.’s primary business which is oil and gas exploration and development in Libya and Sub Saharan Africa. Sahara has benefited from the company’s founders many years experience in Libya, Africa and the Middle East, and is now in a position to realize these opportunities.
To facilitate its growth Sahara Petroleum Exploration Corp. signed a consultancy contract with the Vetra Group A.V.V. in March 2005, and appointed Mr. Humberto Calderon Berti, Mr. Karl Mazeika, Mr. Alfredo Gruber and Mr. Iker Anzola to its advisory board. Mr. Calderon Berti is former President of OPEC, President of Petroleos de Venezuela, S.A., Minister of Energy and Mines and Minister of Foreign Relations. Mr. Karl Mazeika is former Vice President of Pequiven and member of the Board of Directors of several of its joint ventures. He has also acted as Executive Director of Exploration, Production and Upgrading, and Vice President of Petroleos de Venezuela, S.A.
Given the availability of these funds Sahara Petroleum Exploration Corp. is now in final negotiations with several exploration and production partners with a view to contracting an E & P partner for Sahara’s oil and gas opportunities in Africa.
Sahara Petroleum Exploration Corp. intends to become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading.
Sahara Petroleum Exploration Corp. was initially formed as a subsidiary of Global Environmental Energy Corp. (OTCBB:GEECF) (FWB:LFT). Global Environmental Energy Corp. maintains a web site at http://www.globalenvironmentalenergy.com/index.htm.
Sahara Petroleum Exploration Corp. intends to become a fully integrated energy company whose interests will include traditional oil and gas exploration and development.