Rock Ridge Resources, Inc. Finalizes Purchase and Sale Agreement With Questus Energy, LLC
(firmenpresse) - DALLAS, TX -- (Marketwire) -- 12/09/11 -- Rock Ridge Resources, Inc. (PINKSHEETS: GSRED) is an oil and gas company focused on acquiring and developing under-producing fields in Texas and surrounding states.
The company is pleased to announce that it has finalized negotiations with Questus Energy, LLC and is preparing to close the transaction prior to December 31, 2011. The agreement will provide Questus Energy, LLC with a controlling interest in Rock Ridge Resources. In return, Rock Ridge will receive certain oil and gas leases.
The Company will continue to be run on a day-to-day basis by current management. Questus Energy will provide oversight and expertise, particularly with field operations.
Steve Rackley, CEO, said, "This has been a difficult year. When we started in January the Company was under extreme distress. Several years of mismanagement, poor decisions and neglect had left its mark on the Company. None of this was accurately represented to me when I took the position of CEO. It was only after being with the company and reviewing the internal documentation that it became clear that the situation was much worse than it appeared. Once I realized the extent of the problem, I immediately cut ties with the previous management and embarked on a course of cleanup and repair. We have patiently and systematically worked through taking care of the pre-existing problems and issues that have prevented us from being able to move forward. It has certainly taken much longer than I had expected it would take, but in the end, this is exactly what I thought we might be able to accomplish. This agreement with Questus Energy brings both capital and experience to the Company and will provide the pieces that we've been missing that will let us be a successful income producing oil company."
Rock Ridge Resources, Inc. is currently targeting acquisitions or joint ventures in existing oil and gas fields that have produced in the past. Additional information about the company may be found on the company website at .
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Rock Ridge Resources, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Rock Ridge Resources, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
Rock Ridge Resources, Inc.
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Phone: 1-972-677-7690
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Datum: 09.12.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 95546
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DALLAS, TX
Kategorie:
Oil & Gas
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