I see CADD issued PR about new wells in east Texas , but not clear on property , sure does sound familiair , and get this , they r issuing a dividend for the drilling company they r spinning off, sound familiar? imo I just cant help but see JD team in this , well this is from Lanza at BDGR so it is same thing I guess. Lanza and Dial would be good team lol , they would prob rip each other off IMO...
Caddo International, Inc. Announces Take Over of 180 Oil and Gas Wells and Releases Spinoff Royalties
Caddo International, Inc. Announces Take Over of 180 Oil and Gas Wells and Releases Spinoff Royalties
OIL CITY, La., May 14 /PRNewswire-FirstCall/ -- Caddo International, Inc. (Pink Sheets: CADD) announced today an acquisition of up to 180 Oil and Gas Wells depending on lease validity. Management is optimistic that all due diligence and documents for the acquisition should be completed by June. During the first year following the consummation of the acquisition, Caddo International will implement drilling and rework programs to increase production in the 180 Oil & Gas Wells significantly in order to rapidly grow the company.
Caddo's new spin off subsidiary, Petrolind Drilling Company, announced today that Rig No. 1 has already drilled 10 wells in Louisiana during the last 18 months. Petrolind Drilling Company has aggressively increased market share by charging a fraction less than its competitors and will receive a 3% royalty on each well they drill. The company has commitments to drill several more over the next couple months.
All shareholders of CADD.PK on the record date of June 1, 2009 will receive 1 share of Petrolind Drilling Company for every 20 shares they own of CADD.PK. In addition to the spinoff, Caddo will be offering a warrant. The warrant will be for 100 shares at 50 cents.
We also look to announce another spinoff company which is being developed in the Green Housing Market. More information on this company will be announced very soon.
Caddo International, Inc., is a provider of products and services to the oil and gas industry. The Company provides and integrates products and services through exploration, development, production, operation and maintenance in the Louisiana and Texas regions. Caddo has approximately 15 employees. Formerly named Petrol Industries, the Company has successfully been in business for over 40 years. Company is focusing on providing contracting services in Caddo, Desoto, Bossier, and Claiborne Parishes, as well as East Texas. Caddo intends to continue to expand its customer base while continuing to increase the depth and scope of the services it provides.
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
