Aladdin Oil Corporation's latest news release:
Aladdin Oil Corp. Secures Funding for Southern California Lease Project
LOS ANGELES--(BUSINESS WIRE)--Jan. 24, 2000--Aladdin Oil Corp. (OTCBB:ADDN) today announced that it has secured all the necessary funding to immediately commence one of the cornerstones of the AOC corporate growth strategy: its sizable Southern California leasing project named Black Gold.
The Black Gold project is constructed to exploit Aladdin Oil Corp.'s subsurface oil and gas easements, which are considered by management to be one of the crown jewels of AOC's assets.
The securing of the aforementioned funding now enables AOC (through both the leasing and subsequent drilling) to bring one its long-term expansion goals to fruition.
The petroleum reserves in the target area are estimated at 9 million barrels of oil and 11 million cubic feet of gas. The current market value of the reserves in project Black Gold is approximately $165 million.
Meghan Robins, president and chief executive officer of Aladdin Oil Corp., said: "This project has been an important element in the growth strategy of Aladdin Oil Corp. for many years. Now, through our ability to commence exploiting our assets in this proven oil field, we will be able to greatly increase shareholder value and equity."
Aladdin Oil Corp. is an independent energy company engaged in the exploration for and the acquisition and development of oil and gas properties primarily in the states of Texas, Louisiana and California.
In addition to historical information contained herein, this news release contains forward-looking statements subject to various risks and uncertainties that could cause the company's actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "continue," "present value," "future," "reserves" or other variations thereof or comparable terminology. Factors that could cause or contribute to such differences could include, but are not limited to, those relating to the company's growth strategy, outstanding indebtedness, dependence on weather conditions, seasonality, expansion and other activities of competitors, changes in federal or state environmental laws and the administration of such laws, and the general condition of the economy and its effect on the securities market. While the company believes its forward-looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company's control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
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CONTACT:
Aladdin Oil Corp., El Segundo, Calif.
Jeffrey Smith, 800/589-6880
800/336-5641 (fax)
www.aladdinoil.com |
