DGAP-News: Spectral Partners on Russian Oil Project
(firmenpresse) - DGAP-News: Spectral Capital Corporation / Key word(s): Miscellaneous
Spectral Partners on Russian Oil Project
11.07.2011 / 08:00
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Spectral Partners on Russian Oil Project
Company is building diversified Natural Resource Portfolio with New Russian
Partnership; New Oil Project Constitutes Important Milestone
SEATTLE, Washington (11 July 2011) - Spectral Capital Corporation (FCCN.OB)
(F3SN:F) announced today that it had taken the first major step in the
company's planned growth and diversification strategy by forming a
partnership with an experienced Russian operator of natural resource
projects and signing an agreement to acquire Spectral's first oil and gas
project in the Saratov region of Russia.
Spectral's Russian partner has already invested several million dollars in
the development of this Saratov based oil resource. Much of this money has
been spent on geological and geophysical work that has confirmed the
promise of this oil and gas project. Spectral has agreed to arrange debt
financing for this partnership in an initial amount of $10,000,000 USD in
exchange for a 74% interest in the Saratov oil and gas property with
additional financing, estimated at up to $150,000,000, contingent on the
development of several additional oil wells on the property. Production on
the property is dependent on legal and geological due diligence and the
proper issuance and transfer of an appropriate license and regulatory
permits to a special purpose vehicle, a process that Spectral plans to
complete rapidly. Although many of the details of the project remain
confidential, Spectral expects to be able to supply comprehensive
information regarding the project as soon as the license and permitting
process is complete.
'With Spectral's first oil and gas project we are embarking on our
long-term strategy for asset diversification. Our partners' long-standing
relationships in the Saratov oil-producing region, their successful
experiences with Russian natural resource regulators and their operational
experience will help to develop this property into a spectacular asset,'
stated CEO Jenifer Osterwalder.
With the partnership, Spectral also acquires an experienced team of
consulting geologists and field management that will compliment its current
capacity to engage in oil exploration activities in the oil-rich Saratov
region, considered to be amongst the world's most promising regions for oil
exploration.
About Spectral
Spectral is focused on the acquisition and development of a significant
portfolio of properties in the natural resource sector, mainly in the
Commonwealth of Independent States region. Spectral has developed a
pipeline of natural resource prospects to fuel its continued growth. The
company's acquisition objective is to obtain projects of at least
$500,000,000 in terminal value per project as well as a commodity and
regional diversity across its portfolio. Spectral is a US-based publicly
traded company and is listed on the US over the counter markets as FCCN and
Frankfurt exchange as F3SN. Spectral is a Nevada state corporation.
PRESS RELEASE FORWARD LOOKING STATEMENT:
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth andbusiness strategy. Words such as 'expects,'
'will,' 'intends,' 'plans,' 'believes,' 'anticipates,' 'hopes,'
'estimates,' and variations on such words and similar expressions are
intended to identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove
to have been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates that are inherently
subject to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ materially
from those expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but are not
limited to, changes in the Company's business; competitive factors in the
market(s) in which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to time in
the Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or circumstances on
which any statement is based.
Contact:
Jenifer Osterwalder
contact(at)spectralcapital.com
206-262-7820
End of Corporate News
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131264 11.07.2011
Datum: 11.07.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 34575
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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