Degaro Innovations Corp. : Degaro Innovations Corp. enters into Farmout Agreement
(Thomson Reuters ONE) -
Degaro Innovations Corp.
6025 S. Quebec, Suite 100
Centennial, Colorado 80111
Centennial, Colorado -- July 10, 2013 --Degaro Innovations Corp. (the "Company")
(OTCQB:DGRN) (BERLIN: DGA) is pleased to announce that it has entered into a
Farmout Agreement with Blue Water Petroleum, LLC to earn a 100% working interest
in the Blue Water oil and gas project (the "Blue Water Project"), a shallow oil
project on 12,979 acres in Big Horn County, Montana, for consideration of cash
and funding drilling obligations. The Farmout Agreement contemplates development
drilling of 5 well "Production Units" consisting of one central injection well,
which drives oil to four surrounding production wells, within 40 acre spacing.
The Company's first project will be to complete an initial "Production Unit"
that already has three existing wells drilled.
"The Blue Water Project presents the Company with the opportunity to step into a
project that is ready for commercial development with minimal additional
exploration and significant oil in place," said Tom Hynes, the Company's Chief
Executive Officer. "We plan to immediately drill the 2 production wells
required to complete the initial "Production Unit" pilot program, and to deepen
the existing water well for the production of steam to produce oil. It does not
happen very often that a new partner steps into a project where the oil has been
found and the project goes right into production testing."
Hynes added, "We are pleased with the quick progress we made in the signing of
the Farmout Agreement, and we look forward to commencing drilling and
the development of the Blue Water Project. Once we successfully complete the
initial Production Unit and start Production Testing later on this year,
we intend to commence development of several more similar "Units"
We would also like to mention that mwb fairtrade Wertpapierhandelsbank AG has
been engaged by Degaro Innovations Corp. to list their shares in Germany. Degaro
is now trading on the Berlin Stock Exchange under the Symbol: DGA.
About Degaro Innovations Corp.
Degaro Innovations Corp. is a company with the goal of exploring opportunities
in conventional sources of energy such as oil and natural gas. For further
information please contact Karen Kocak at 1-888-498-8880.
This press release contains forward-looking statements about the Company and its
business, plans, expectations and intentions. Forward looking statements are
statements that are not historical facts and include, but are not limited to,
statements about the Company's drill plans, expected results and future success.
The forward-looking statements in this press release are subject to various
risks, uncertainties and other factors that could cause the Company's actual
results or achievements to differ materially from those expressed in or implied
by forward looking statements. These risks, uncertainties and other factors are
identified in the Company's filings with the United States Securities and
Exchange Commission.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Degaro Innovations Corp. via Thomson Reuters ONE
[HUG#1715427]
Datum: 10.07.2013 - 10:01 Uhr
Sprache: Deutsch
News-ID 276969
Anzahl Zeichen: 3948
contact information:
Town:
Centennial
Kategorie:
Business News
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