Energy Company Chancellor Group, Inc. Announces New Financing for Kansas Project
LOS ANGELES, Aug. 9 /PRNewswire/ -- Oil and gas company, Chancellor Group, Inc. (OTC Bulletin Board: CHAG - news) announced today that it
has reached an agreement with a stockholder of the company, introduced through Rubin Investment Group, Inc., who currently provide Investor and
Public Relations Management for Chancellor. The agreement is for $500,000 of new equity into the company, in order to finance the delayed start-up of
its drilling program at its Shinkle Field oil and gas project in Greenwood County, Kansas.
The company said that the financing is expected to be finalized within the next week once final agreements are in place, which are subject only to pricing
per share being finalized. The financing will be drawn down in two installments, two weeks apart, and will result in Chancellor drilling six new infill
wells with targeted daily crude oil production of 450 barrels. The company also said it would produce gas and condensated from some of these wells.
Chancellor's management team advises that this financing would lead to it being in a position to begin drawing down its existing $5 million facility with
Barkley Finance Corporation, which it had previously announced, enabling it to finance the completion of its Kansas project and the start-up of its Glass
Mountain Gas Project in Pecos County, Texas.
This new financing of $500,000 investment replaces a previous financing agreement Chancellor had with May-Davis Group of New York, which was
terminated before any financing was done.
Certain information included in this communication contains statements that are forward looking, such as statements relating to the future anticipated
direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources,
anticipated sales growth and potential contracts. These forward looking statements are subject to a number of known and unknown risks and
uncertainties that could cause actual operations or results to differ materially from those anticipated.
For more information about Chancellor Group, Inc., please visit the website: www.chancellorgroupinc.com
For further information about Investor and Public Relations for Chancellor Group, Inc. please contact Sooner McKay, Director of Investor and Public
Relations of Rubin Investment Group, Inc., +1-310-407-0100, ext. 243. Or to request materials or more information about Chancellor Group, Inc.
please call (213) 892-2212.
www. rubininvestmentgroup.com
Rubin Investment Group, Inc. is a private investment bank with offices in Los Angeles and New York. They specialize in meeting the financial and other
needs, such as public and investor relations management, of small and micro cap companies.
SOURCE: Rubin Investment Group, Inc. |
