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CGrowth Capital, Inc. Executes Definitive Agreement on Wyoming Oil Leases
CGrowth Capital, Inc. Executes Definitive Agreement on Wyoming Oil Leases.
About this update from Cgrowth Capital, Inc.
[{"type":"text","content":"\n \n \n CGrowth Capital, Inc. Executes Definitive Agreement on Wyoming Oil Leases\n \n \nCGrowth Capital, Inc. Executes Definitive Agreement on Wyoming Oil Leases\n \n SILVERDALE, WA--(Marketwired - Sep 17, 2013) - 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 initial 2,064 acres of Wyoming oil leases with?65 offset drilling locations from West Salt Creek, Inc. (\"WSC\").?The leases, located in the Powder River Basin, include active wells with current production along with the associated fixtures, pumps, vehicles, and tanks for the current field operation.?The Company is working to close the transaction through escrow as soon as possible.\n \"This is a significant accomplishment for the Company,\" stated Bill Wright, CEO of CGrowth Capital, Inc. \"We have worked diligently with West Salt Creek management to pull everything together in an expedited manner and everyone has performed professionally. The immediate production revenues will start to swing the financial tide for us as a company.?Once we are able to perform a few work-overs on existing wells and drill new wells on identified locations the financial outlook for the company will continue upward.\"\n Montgomery George, President of West Salt Creek, Inc., stated, \"We have been able to put together a very positive and mutually beneficial agreement for both CGrowth Capital and our shareholders.?The immediate daily production from our oil fields along with the deep asset base that CGrowth Capital has in their mineral base will combine for a very strong company moving forward.\"?Mr. George continued, \"The commitment that Mr. Wright and his team showed towards current shareholders and positioning the company for future growth affirmed to us that we were making the right decision.\" \n Current production on the 100% working interest leases is 12-13 BOPD.?A revitalization plan for the existing wells anticipates increasing the production to over 100 BOPD.?In addition to these current leases, the Company will maintain a 20% working interest in a group of wells currently in a revitalization plan with a third party in the field.?The Company is anticipating the net interest in these wells to be 35 BOPD upon completion of the revitalization.?Geological reports for ...