News, News, News
Alaskan Oil and Gas signs LOI for 49% Percent of Producing Oil Company
HOUSTON, April 12, 2005 (PRIMEZONE) -- Alaskan Oil and Gas (Pink Sheets:AKOL) has signed an LOI to acquire 49% ownership of a producing oil company located in Russia. The final purchase price will consist of a combination of cash to be utilized as working capital and convertible preferred shares to complete the purchase.
The operating management of the company currently has 10 years of operational experience and are involved in various aspects of oil production. Current areas of operations include production of crude oil and gas condensate, transportation of hydrocarbon raw material to the consumer, registration of necessary customs procedures, reprocessing of sour and highly paraffinic oil within its own plants and the receipt of high-gravity sorts of oil.
Alaskan Oil and Gas believes that it can help the company to increase its production to 10,000 metric tons of oil per month over the next five years. In addition, the company has exploration potential that could add significantly to reserves and production.
About Alaskan Oil and Gas-
Alaskan Oil and Gas (Pink Sheets:AKOL) is a development stage energy company and intends to become a worldwide company specializing in the extraction and production of oil and gas.
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are made based on information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties and the company's actual results may differ from these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the company's products and services, our ability to continue to develop markets, general economic conditions, our ability to secure additional financing for the company and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
CONTACT: Alaskan Oil and Gas.
Investor Relations
Phone: (281) 854-2374
E-mail: alaskaoil@mail.com
www.alaskanoilngas.com
