Friday, October 19, 2012 7:00:09 AM
Under the original terms of the KS JV leases, the Company received a fifty- percent (50%) working interest in the O&G wells for its investment. Sovereign has recently purchased the remaining 50% working interest from the JV partner and now owns 100% working interest in the KS lease. The company plans to rework all 10 proposed oil wells by the end of Q2 2013.
Fred Rackers, President of Globalgroup Investment Holdings, Inc., stated, "This additional purchase of the JVs remaining 50% working interest in the KS lease along with our intention to complete all 10 wells by the end of Q2 next year; reflects upon GIHI's continued commitment to its subsidiary Sovereign Oil Corp."
Upon completing the re-works and drilling of all 10 KS wells, GIHI's petroleum division expects improved annual revenues of approx $600,000 annually.
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM