Gold Coast Mining Confirms Working Interest in Tiger Development Oil Well Project
(firmenpresse) - WILTON, CT -- (Marketwired) -- 08/14/13 -- Gold Coast Mining Corp. (OTC Pink: GDSM), today confirmed its working interest, in conjunction with investor Bubblin Crude, LLC, into the Tiger Development oil field project located in Kalkaska, Michigan.
Under its agreement, the Company was able to secure its interest through an existing large investor, Bubblin Crude LLC., with who Gold Coast Mining Corp and its executives have had a long-standing relationship, with Bubblin Crude, LLC covering the initial investment cost. To date, the Company has closed a 2% working interest in the project, with an agreement to increase its interest to 5% in the coming weeks.
The operator and developer is Tiger Development LLC which is drilling a 4,740 foot vertical depth well in Section 13-T25N-R6W, Garfield Twp., Kalkaska Co., Michigan. The well is situated on over 1,100 acres of land controlled by Tiger Development, in which the Company also has a lease interest, and from an economic perspective is projected to produce 50-60 barrels a day once in full production.
Production on this new oil well is expected to begin as early as September, with updated reports expected shortly.
Michael Shea, the CEO of Gold Coast Mining Corp commented, "We are very excited to confirm our first working interest and partnership on the Tiger Development oil well project, and can confirm this agreement has been settled through our investment partner, with funds now released to begin development on this well as soon as possible."
ABOUT GOLD COAST MINING
Gold Coast Mining Corp plans to pursue growth and enhance shareholder value through acquisition opportunities in and out of the mining industry. There are many lucrative mining projects that are sitting idle due to lack of capital and/or financing direction. Gold Coast will seek to capitalize on these opportunities by securing capital, finance consulting, equipment assistance and other financial assistance to these companies/projects.
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Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
CONTACT:
Michael Shea
Gold Coast Mining Corp.
Phone: (203) 210-5614
Email:
Melissa Diaz
South Street Media, Inc.
Phone: (917) 937-8968
Email:
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Datum: 14.08.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 287526
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WILTON, CT
Kategorie:
Commercial & Investment Banking
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