Scottsdale 11/27/2013 4:00:00 AM
QualityStocks News - Innocent (INCT) Enters New Oil and Gas Joint Venture
QualityStocks would like to highlight Innocent, Inc. (OTCQB: INCT), a development stage oil and gas exploration and production company focused on developing properties in North America. The company plans to minimize the risk of exploration through development of proved petroleum reserves, and expects to maximize profit through strategic acquisition and liquidation of selected oil and gas properties.
In the company’s news,
Innocent Inc. announced that it has signed an exploration agreement with Evergreen Petroleum of Dallas, TX.
Evergreen, which has over 150 years of experience in the oil and gas industry, will be the General Manager of the Exploration Project. The company has taken the responsibilities of selecting areas to lease, drilling exploratory wells, drilling development wells, and producing oil and gas found. Evergreen has conducted and will continue to conduct both regional and local geological studies to define prospects that are worthy of acquiring oil and gas leases. Preliminary examinations of title to the minerals in these selected areas and the acquisition of said leases will be carried out for and on behalf of Innocent and Evergreen (“the Parties”) by Pacer Energy LLC (“Pacer”) of Gillette, Wyoming.
The Operator of the drilling venture will be L & J Operating Inc. of Gillette, Wyoming, will be in charge of obtaining the required bonds, preparing the Joint Operating Agreement A.A.P.L. Form 610 – 1989, selecting all contractors and suppliers, payment of all invoices, sale of produced oil, payment of Ad Valorem, conservation, severance taxes and payment to the Parties of their net income on a monthly basis. Innocent will engage engineering and geological consultants as required. All the activities of the Operator shall be under the supervision of the Parties to this agreement, including daily and other interval reports.
The primary area of interest is the Powder River Basin of Wyoming, particularly where the objective oil-bearing formations are less than 2,500 feet below the surface; however, other prospective areas in Wyoming will be studied as well. In general, prospects will be direct offsets to former production or to wells with very good oil and gas shows. The expected lower API gravities of the oil will require secondary recovery via water, gas or other floods including steam or fire flooding. Also, new methods of radial horizontal drilling in the reservoirs will be utilized.
Patrick Johnson, newly appointed COO of Innocent, stated, “We are excited to partner with Evergreen. They are as experienced in the region as anyone, and we are excited and optimistic at what the future can bring to us both.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
