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Friday, January 05, 2007 2:11:47 PM
If successful, the Company will receive, as its part of the Joint Venture transaction an operational facility located in Central, Louisiana, that involves 30 working and active wells that will produce over 3500 bbls/oil/month which will be free and clear of all debt. This field has a Geologist Report showing its current value being in excess of $13 million. This project will produce an annual net income in excess of $1,800,000. In addition, the Company will receive a cash position of $4 million for further investment in the oil and gas industry via ``Farm-outs' and direct working interest investments.
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