X-Change Corporation Joint Ventures With Nomad Energy Oilfield Company for Drilling and Well Servicing on 109,000 Acres in Bakken Shale
(firmenpresse) - HOUSTON, TX -- (Marketwire) -- 04/16/12 -- X-Change Corporation (OTCQB: XCHC) (PINKSHEETS: XCHC) announced today through its subsidiary, Cress Oil, Inc. a joint venture with Nomad Energy, Inc. to provide drilling, and well services in the newly acquired 109,000 mineral acreage position in the Bakken Shale and Three Forks formation. Cress Oil expects to lay out more than $200 million in capital expenditures to explore and produce on the newly acquired mineral acreage throughout the next five years.
Nomad Energy provides services worldwide to more than four hundred different service and operating companies. Services range from drilling and completion technologies to performing dynamic and static reservoir studies all the way through integrated project management. Nomad can provide field production strategies, operations, integrated project management and deliver discreet well site services.
"We are pleased to have Nomad Energy work with us to explore and drill in our newly acquired acreage position," said Atul Trivedi, chief executive officer of Cress Oil and X-Change Corporation. "Nomad Energy's team has more than 90 years' experience and expertise with companies such as Schlumberger, Halliburton, and other large oil companies in conventional and unconventional oil and gas plays. The company has experience in drilling for both on-shore and offshore drilling projects. We have the utmost confidence in Nomad Energy to accomplish the large drilling project the company has planned for the next five years ahead."
"We are very excited to work with Cress Oil, Inc. for we have incredible knowledge and experience drilling and completing projects in various type drilling projects," said Dan Morrison, chief executive officer of Nomad, Energy. "We select the surface and bottom hole locations for optimum penetrations, and can intersect multiple reservoir targets that is in the Bakken Shale formation."
Cress Oil will expand its operations and offices in Montana and North Dakota. The company currently has offices in Houston and Dallas, Texas.
About Nomad Energy
Based in Houston, Texas, Nomad Energy is a fully integrated international oilfield service, supply and project management company that utilizes innovative technologies and proprietary resources to provide solutions to both upstream, midstream and downstream projects. For more information on Nomad Energy, Inc. please visit the website .
About X-Change Corporation
X-Change Corporation through its subsidiary, Cress Oil Inc. is focused on projects for deep and shallow wells domestically and internationally. Cress Oil will partner with other oil and gas companies to explore for reserves on properties the majors have left behind. Cress Oil earns an interest in new reserves acquired and in production. The company intends to grow through a combination of exploration, exploitation, and development drilling, drilling services as well as strategic acquisitions of oil and natural gas fields. Please visit for further information.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations
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Datum: 16.04.2012 - 12:30 Uhr
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News-ID 135170
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