Real Resource Fund Intends to Invest $1,000,000 Into Drake Gold Resources' Oil & Gas Work Program
CARSON CITY, Nev., April 4, 2012 /PRNewswire via COMTEX/ -- Drake Gold Resources (OTC Markets: DKGR) is pleased to announce it executed an agreement with Real Resource Fund, Inc, an investment corporation, to provide the development capital to put toward its newly acquired producing oil & gas assets. The agreement provides debt funding with an 8% interest per annum. All of the debt will have a convertible option to convert the principle plus any interest to common stock of Drake Gold Resources, Inc with a 12 month restriction period at a price of $0.01 price per share.Real Resource Fund, Inc. has already advanced the first funds toward the efforts to increase production on the current producing oil and gas assets. As part of the financing agreement, Real Resource Fund's President, Jeff Slaughter will be providing financial advisory services with respect to additional M & A funding, expanded debt facilities and development program funding which will make certain that Drake has capital to continue its successful direction and pursue additional opportunities once presented. Jeff Slaughter is an experienced Vice President, CFO and Senior Financial/Business Development executive with an extensive background in domestic and International financial operations. Responsibilities include financial operations, planning and budgeting, financing and investor relations, contract negotiations, M&A, due diligence support and integration. Mr. Slaughter has served in various positions related to CFO with Arco Oil & Gas for 14 years and Enron International / Oil & Gas for 8 years, while starting his career with Touche Ross and Company which later grew into Deloitte & Touche LLP. Mr. Slaughter has a BBA in Accounting from Terry College of Business, MBA in Finance from University of Dallas and a CPA.
"We are pleased to welcome Jeff Slaughter and his wealth of oil & gas finance experience to Drake's advisory team. The commitment of capital from Real Resource Fund has reinforced our efforts to develop the existing production from our oil & gas assets in Pennsylvania," stated CFO Thomas Smith.
Drake has completed the acquisition of a much sought-after producing oil & gas asset in Pennsylvania which will be introduced in the next press announcement. The asset includes a number of oil producing wells on a large acreage package with enormous production capability through both rework and in-field drilling opportunities.
For any inquires please contact Drake's Investor Relations at phone: 530-405-3547 or email: IR@Drakegold.com.
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