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QED Connect Inc. Provides Update to AFON 2010 Ltd. Acquisition
QED Connect Inc. Provides Update to AFON 2010 Ltd. Acquisition.
About this update from Qed Connect, Inc.
[{"type":"text","content":"\n \n \n QED Connect Inc. Provides Update to AFON 2010 Ltd. Acquisition\n \n \nQED Connect Inc. Provides Update to AFON 2010 Ltd. Acquisition\n\n16,357 Metric Thousand Tons of Ukraine Oil Reserves\n\n \n MANCHESTER, NH--(Marketwired - Jan 15, 2014) - Management of QED Connect, Inc. (OTC Pink: QEDN) today provided updates regarding the recent acquisition of AFON 2010, Ltd. by Energy Today, Inc. (OTC Pink: NRGT), a portfolio company of QED. \n On January 2nd, Energy Today, Inc. filed a Form 8-K with the Securities and Exchange Commission disclosing its purchase of 100% of the equity interest in AFON 2010 Ltd. for 2,666,000 shares of Energy Today, Inc. AFON 2010 Ltd. was formed in the Ukraine as an oil and gas company to hold oil and gas leases in western Ukraine. These concessions are located within the South Terenyans'ka area in the Nadvirnyans'ky district of Ivano-Frankivs'k region 5 km northeast from the village of Kosmach.\n The Western Ukrainian Geophysical Prospecting Expedition (WUGRE), an independent oil and gas consulting firm, performed the Geological Survey on AFON 2010's leases. A team of seven Geologists concluded that the concession is viable and should be prepared for deep well drilling. The WUGRE was set up in 1948 as the basis of State Geophysical Company \"Ukrheofizyka\" for assisting in expanding oil and gas survey works in the western region of Ukraine and Moldavia. They have completed over 150,000 running kilometers of seismic profiles. \n The survey by WUGRE on AFON 2010's leases determined that the concessions have proven and probable reserves of 16,357 thousand metric tons. The characteristics of subsoil report validates that the reserves can be classified as Category 3 (proven and probable). \n According to the Society of Petroleum Engineers (SPE), 1 ton of oil equals 7.33 barrels of oil. This means that AFON 2010's total of 16,357 thousand tons of reserves equals 119,896,810 barrels of proven and probable reserves. The SPE and the World Petroleum Council (WPC, formerly World Petroleum Congresses), define proven reserves as having an over 90% chance of being recoverable with probable reserves having a minimum of 50% chance of being present. \n AFON 2010 Ltd.'s Special Permit for the use of subsoil for its property leases was approved by the State Department of Ecology and...