LAS VEGAS, NV--(Marketwired - Apr 24, 2014) - Pacific Oil Company ("Pacific Oil") (OTC: POIL), is pleased to provide the public with an update regarding its previously announced efforts to secure $1,000,000 in financing. Working through the Herman Companies Inc. Pacific Oil has already received a letter of interest stating that Pacific Oil meets the criteria for up to $2,000,0000 in financing and that additional capital is available should it be required. Pacific Oil is currently awaiting two more offers of financing and intends on moving swiftly towards a decision to secure this capital that will be used to accelerate growth.
Ed Loven, Vice president of Pacific Oil, said, "So far the response from financial providers has been positive. We have an offer in hand, two more on the way and are confident in our ability to close a transaction on an expedited time table. I think it is important for the public to know that this financing is in no way a necessity for us to continue to grow. It does however provide us with the opportunity to grow at a much faster pace. Pacific Oil has already identified a number of acquisition targets that will put this money to good use."
Pacific Oil would like to remind the public that this financing mechanism is isolated from Pacific Oil's public market presence. No shares will be issued and no shares will be put up to collateralize the loan, as the financing Pacific Oil is seeking is pure debt financing based on the value of the company's assets.
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