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CGrowth Capital, Inc. Executes Definitive Agreement on Second Significant Wyoming Oil Lease Property
CGrowth Capital, Inc. Executes Definitive Agreement on Second Significant Wyoming Oil Lease Property.
About this update from Cgrowth Capital, Inc.
[{"type":"text","content":"\n \n \n CGrowth Capital, Inc. Executes Definitive Agreement on Second Significant Wyoming Oil Lease Property\n \n \nCGrowth Capital, Inc. Executes Definitive Agreement on Second Significant Wyoming Oil Lease Property\n \n SILVERDALE, WA--(Marketwired - Jan 14, 2014) - CGrowth Capital, Inc. (OTC Pink: CGRA) (the \"Company\") is pleased to announce that it has completed the Purchase and Sale Agreement (\"PSA\") for the purchase of an additional 1,605 acres of Wyoming oil leases with 5 wells from Ventrum Energy Corp. (\"Ventrum\"). The leases, located in the Powder River Basin, include active wells with current production along with the associated fixtures, pumps, and tanks for the current field operation. The Company is working to complete the required filings and transaction through escrow with an effective date of December 31, 2013.\n \"This transaction completes the acquisition of initially targeted assets in the Powder River Basin,\" stated Bill Wright, CEO of CGrowth Capital, Inc. \"With now close to 4,000 contiguous acres in the area, we have a substantial asset to work with moving forward. The company is now refining its finance offering to complete work-overs on existing wells and drill new wells on identified locations. Although natural resource production does not produce overnight results, we have all of the major pieces in place to build a long term success.\"\n A petroleum engineer familiar with the area, with whom contracts with a major producer to the east, has performed a review of the site and commented, \"I would like to state that due to the activity on the east side of this Federal lease it has the potential to be a high producing hydrocarbon resource. I've conferred with several of my colleagues on this matter long before we found out it has been acquired by a new operator. I've drilled quite a few wells and have every faith that this area has a lot of good potential. As a manager I see great logistics for transportation and sales. With some capital outlay and good implementation of proper planning this venture will work well.\"\n The leases include a 100% working interest on the acreage. It also includes 100% working interest in the 5 existing wells. The Company is anticipating the production from these wells to settle in at a minimum of 45 BOPD upon completion of the revit...