Greyson International Inc. Provides Update on its Energy Assets
Greyson International Inc. Provides Update on its Energy Assets
Business WirePress Release: Greyson International Inc. – 9 minutes ago
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COCONUT CREEK, Fla.--(BUSINESS WIRE)--
Greyson International Inc. (OTC Pink: GYSN), developer of an innovative, patented topical delivery technology targeting the multi-billion dollar cosmetics and OTC pharmaceutical industries, today announced an update on its passive investment in Blake Oil and Gas Limited (“Blake”), a privately owned, Guernsey registered oil and gas company with properties located in the country of Georgia.
“Greyson has been advised that the joint venture between Blake and the MND Group has been funded and new seismic data is being collected across all three properties. A drilling campaign is expected to commence later this year and continue through 2014,” said Greyson International Inc. CEO Harvey Tauman.
On March 12, 2012, Greyson acquired a private entity that resulted in a 3% passive ownership stake in Blake. On August 14, 2012, Blake entered into a joint venture agreement with MND Group whereby the latter received a 50% interest in Blake’s Georgian assets in exchange for assuming exploration and production costs. Under the terms of the agreement, the MND Group committed to over position: absolute;00 million in capital expenditures to fund the development of the Ninotsminda, Manavi and Norio assets.
According to an independent report issued by Netherland, Sewell & Associates Inc. and Oilfield Production Consultants, these properties could have significant oil and gas reserves. More information about these assets can be found on Blake’s website, www.blakeoilandgas.com.
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