Chancellor Group Inc. Announces Further Details on Its New Equity
LOS ANGELES, Aug. 14 /PRNewswire/ -- Chancellor Group, Inc. (OTC Bulletin Board: CHAG - news) today announced that it has locked in the pricing of the first tranch of its 2-part
$500,000 equity placement, announced last week.
The company said it would price the stock for the remaining $350,000 in the next 10 days and that drilling at its Kansas project will commence immediately upon drawdown of its second tranch.
The company advised that the initial drilling will consist of 6 wells -- 2 infill wells of +2000 feet and 4 wells to the squirrel formation at 1,300 feet. The infill wells, the first 2 of 20 planned will
also establish gas flows and condensates production, and will enable the company to more clearly define the gas reserves as well as expand the proved recoverable oil reserves.
Chancellor recently completed the first stage of new road works at the project and is commencing environmental review and expansion of the existing storage tank capacity.
Further information can be obtained via the company's website at www.chancellorgroup.com
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.
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.
For more information please contact Investor Relations, Sooner McKay, Director of Communications, of Rubin Investment Group, Inc., +1-213-892-2212, for CHAG.
SOURCE: Rubin Investment Group, Inc. |
