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Suncrest Energy Acquires Second Russian Oil Company

By: dany399
26 Dec 2005, 06:12 PM EST
Msg. 3840 of 3873
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OT: Suncrest Energy Acquires Second Russian Oil Company


2005-12-05 09:17 ET - News Release

TORONTO -- (MARKET WIRE) -- 12/05/05

http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=103033&ProfileId=051205&am...
SUNCREST ENERGY (OTC: SNYY), which specializes in oil and gas exploration and drilling has completed negotiations to acquire 100% of a Russia oil company from the former Soviet Union - Alba-Oil from Amerossi Holding Corporation for common and preferred stock. Located within the limits of North Sorokinskiy license area there are three structures being potential traps for hydrocarbons: Dmitrovskaya, Krutikhinsko-Zhelninskaya and Tikhanininskaya. These areas according to an evaluation done by A.V.Arzhilovskiy, indicates that there is potentially over $15,000,000,000 worth of recoverable oil form this region, based on very conservative estimates.

Based on the present share structure of Suncrest this acquisition adds significantly to the value of the company and significantly to the values of the shares of the company.

"Now we that we have acquired the second oil company located in Russia part of the former Soviet Union, we are ready to move to our next target," said David Alexander, Chairman. "This company with its proven reserves adds tremendous value to our company and to our shareholders. We are extremely pleased that we have been able through our relationship with Amerossi Holding Corporation to increase the book value of our shares, giving our shareholders the rewards they deserve."