Sunday, February 13, 2022 3:21:07 AM
BREMERTON, WA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") is pleased to provide shareholder with an update on the Bahamian Petroleum Project (the “Project”) previously announce in November. The Project includes the rights, title and interest in long-term leases of land situated within the Bahamas (in excess of 8,000 acres) at the target site and necessary one-off project specific Government Permissions.
The WBS Organization (“WBS”), a multinational business services organization specializing in funding, collateralization, and associated services, which holds the rights to the project and has executed a Letter of Intent with the Company, has mobilized their US and UK teams to the Bahamans to begin arranging for the necessary property amalgamations, organizational transfers, notifications, and permit transfers. The timing and extent of the permissions and transfers required are expected to extend the closing of the Letter of Intent into 2022.
The Company is working concurrently on the necessary corporate actions to be poised for action heading into 2022 and in conjunction with the completion of the Project approvals. Those actions include the shifting and/or divesture of certain liabilities and assets, the filing of a Tier 1 Regulation A offering, and the commissioning of a 51-101 Competent Persons Report on the Company’s West Salt Creek oil assets in Wyoming (a new report). The new report is being made possible through the Company’s newly announced business relationship with Stallion Energy Group.
The Project is to encompasses further seismic research on a 3D basis in the Project zone, quantify oil availability and projected reserves, and set up infrastructure for the further extraction of oil, by incorporating potential in the Bahamas. The Project zone includes an area where Proton Magnetic Imaging was performed in 2018 which indicated oil reservoir shows under the target area in The Bahamas to be the same as that of the Venezuela Orinoco Oil Belt. The USGS 2012 petroleum assessment of the Bahamas Platform estimate total undiscovered resources at the P50 level of approximately 1,600 million barrels of oil, 2,000 BCFG and 126 million barrels of natural gas liquids. With successful advancements in exploration, production, and exporting of oil over multiple Caribbean Island the prospect of a successful Bahamian project is exciting.
Further announcements and updates will be made by the Company in the coming weeks either through traditional press releases or its Twitter platform.
https://www.otcmarkets.com/stock/CGRA/news/CGrowth-Capital-Provides-Update-on-Bahamian-Petroleum-Project-and-Corporate-Activity?id=335875
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