DGAP-News: GRIT International Inc.: GRIT INTERNATIONAL INC. ANNOUNCES SUBSIDIARY TEXAS PETROLEUM INC. ENTERS INTO LOI TO ACQUIRE THE ASSETS OF AN ENERGY COMPANY
(firmenpresse) - DGAP-News: GRIT International Inc. / Key word(s): Letter of
Intent/Mergers&Acquisitions
GRIT International Inc.: GRIT INTERNATIONAL INC. ANNOUNCES SUBSIDIARY
TEXAS PETROLEUM INC. ENTERS INTO LOI TO ACQUIRE THE ASSETS OF AN
ENERGY COMPANY
21.12.2010 / 12:09
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GRANDE PRAIRIE, AB - Tuesday - December 21th, 2010 - GRIT INTERNATIONAL
(3GR1:F) is pleased to announce that its subsidiary Texas Petroleum Inc.
has signed a letter of intent to acquire the assets from an Energy Company
with oil&gas interests in a state adjacent to Texas. US.
We have established contact with suitable candidates that would complement
Texas Petroleum's overall growth strategies. Management is pleased to
announce that it has pursued targeted properties that can be acquired and
worked over so as to significantly increase daily barrel output.
By strictly following and adhering to our M&A Strategy in the Oil&Gas
Industry, GRIT intends to significantly grow its Petroleum's division.The
recent acquisition opportunity for Texas Petroleum Inc. will greatly
increase GRIT Petroleum's foothold in the US Oil&Gas Sector.
The acquisition target, operating in a neighboring state to Texas, US has
jointly entered into a LOI to have its assets acquired by GRIT
International subsidiary, Texas Petroleum Inc.. The Energy Company
currently has just under 800 acres of operational land, as well as over
3.5M BBLs of producing and 5.0M + BBLs in non-producing reserves,
generating over $1.25 Million in annual production value. With the current
day BBL price the reserve assets value to $750M (USD).
ABOUT
GRIT INTERNATIONAL INC.
GRIT International is a Canadian based company registered in the State of
Nevada, US. Diversified investment and management company specializing in
industrial resources. Interests include precious metals and energy,
environmental technologies and industrial manufacturing. Seeking out
Environmentally Sustainable solutions in nuclear energy, renewable
resources in bio-waste and other alternative fuels available at present
time. Expansion of the divisions will position GRIT as a Global services
provider. For more information please visit the company's website at
www.gritintl.com
TEXAS PETROLEUM INC.
GRIT's first subsidiary spin-off company which is domestically and
internationally focusing on the acquisition(s) of producing Oil&Gas
Fields, with proven barrels in reserves as a fundamental criteria.
Domestically the company will focus on Texas Oil Reserves, noting the areas
such as East Texas Oil Fields which have produced 5.2 billion barrels of
oil since its discovery. Internationally focus will be in the emerging
markets with particular attention being addressed to the networking
connection of Ariva Resources, in the Western African Regions. Texas
Petroleum foresees a tremendous growth opportunity into these areas and
will become a major supplier of petroleum products.
Safe Harbor Statement; under the Private Securities Litigation Reform Act
of 1995: The statements contained herein which are not historical are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed in the forward-looking statements, including, but not
limited to, certain delays beyond the company's control with respect to
market acceptance of new technologies or products, delays in testing and
evaluation of products, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
###
Contact: GRIT International Inc.,
Investor Relations
Website: www.gritintl.com;
E-mail: grit-admin(at)gritintl.com
P :+1.780.513.1125
F :+1.780.814.5584
A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7
Investor Relations - German
Mr. James Stewart
P: +49.2161 49694870
E: jstewart(at)gritintl.com
End of Corporate News
21.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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107206 21.12.2010
Datum: 21.12.2010 - 12:09 Uhr
Sprache: Deutsch
News-ID 32911
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