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CGrowth Capital Moves All-In with One of a Kind Bahamian Petroleum Project
CGrowth Capital Moves All-In with One of a Kind Bahamian Petroleum Project.
About this update from Cgrowth Capital, Inc.
[{"type":"text","content":"\n BREMERTON, WA, Nov. 03, 2021 (GLOBE NEWSWIRE) -- CGrowth Capital, Inc. (OTC Pink: CGRA) (the \"Company\") is pleased to announce that it has executed a Letter of Intent (LOI”) with WBS Organization (“WBS”), a multinational business services organization specializing in funding, collateralization, and associated services, to acquire the rights, title and interest in their Bahamian Petroleum Project (the “Project”). The Project includes long-term leases of land situated within the Bahamas (in excess of 8,000 acres) at the target site and necessary one-off project specific Government Permissions. Together, these form a unique opportunity in the Bahamas to conduct further advanced exploratory operations leading to anticipated drilling and oil extraction – while recent explorations have now been conducted, advanced studies have not taken place around the islands for several decades.  The Project is to be purchase for $15,000,000 utilizing the Company’s Series A Preferred Stock.  In advance of a closing, the Company will immediately begin processing and file a Tier 1 Regulation A to raise up to $20,000,000.  The funds are to be used to conduct further seismic research on a 3D basis in the Project zone, quantify oil availability and projected reserves, advance drilling and well workovers at the Company’s current Wyoming oil and gas property, and set up infrastructure for the further extraction of oil, by incorporating potential in the Bahamas. The Company anticipates being ready to file its initial Form 1-A within 45-days. In support of the overall project funding, WBS has leveraged its extensive contacts and influence in the region to securitize this investment with free and clear real estate, to the extent necessary. The off-balance sheet pledge of this security which would support large early investments, is to be addressed in separate independent agreements and are expected to be key components to an early adoption and full capital raise. Proton Magnetic Imaging performed in 2018 indicated oil reservoir shows under the target area in The Bahamas to be the same as that of the Venezuela Orinoco Oil Belt.  The USGS 2012 petroleum assessment of the Bahamas Platform estimate total undiscovered resources at the P50 level of approximately 1,600 million barrels of oil, ...