LIG Assets, Inc. Takes Position in North Dakota Oil Leases
The Leases Comprise Approximately 1,280 Acres in the Bakken Formation in McKenzie County
(firmenpresse) - DALLAS, TX -- (Marketwired) -- 03/04/15 -- LIG Assets, Inc. (OTC PINK: LIGA) today announced that the Company has elected to participate in a 10% industry position in a group of oil leases located in the Bakken formation in North Dakota. The leases comprise approximately 1,280 acres in McKenzie County, the most productive oil producing county in the state. Approximately 80% of the wells that are permitted in the Bakken formation are in McKenzie County.
The lease has the capacity for 7 wells in the Bakken and Three Forks Formations with the potential for approximately 22 other wells in multiple formations.
The participation in these leases expands the Company's oil lease interests into a new geographic area -- beyond just the southwest United States and into the northern Great Plains. The Company will continue to evaluate additional oil and natural gas opportunities in other geographic areas as they present themselves.
"We are pleased to add our position in these additional leases to our oil interests," said Kenneth C. Wiedrich, acting CEO of LIG Assets, Inc. "We believe these leases have significant production potential and look forward to the commencement of drilling as soon as possible."
In September 2014, LIG Assets, Inc. based in Dallas, TX, a Company focused on residential and commercial real estate, merged with West Coast Partners, LLC and CP Resources, LLC, that are also based in Dallas. West Coast Partners and CP Resources are focused on oil and gas exploration and production. These entities currently have over 36,000 acres under lease with geological reports that demonstrate the potential for massive reserves.
LIG Assets, Inc. also engages in commercial and residential real estate investments and holds a portfolio of residential properties. The real estate division operates as a separate subsidiary under LIG Assets. For additional information, please visit LIG Assets corporate website: .
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at .
Contact:
LIG Assets, Inc.
1700 Pacific Ave. Suite 2680
Dallas, TX 75201
214-760-1000
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Datum: 04.03.2015 - 18:46 Uhr
Sprache: Deutsch
News-ID 376239
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