James Monroe Capital is in the Final Stages of Financing the Strat Petroleum Joint Venture
Last Update: 7:30 AM ET May 17, 2007
KILLEEN, Texas, May 17, 2007 (BUSINESS WIRE) -- Frank Love, President of James Monroe Capital Corp., is pleased to announce that James Monroe Capital Corp. (Pink Sheets:JMCP) is in the final stages of the process of completing its financing. It is anticipated that the financing will be completed at the end of this month or early next month.
Frank Love states, "In many recent press releases, I discussed $270 million dollars worth of oil sludge in Bashkorstan Russia, 48 million barrels of oil reserves, (with today's price range of $50-$60 a barrel) in the Samara region of the Russian Federation, Wales Holding Corp. (Wales Gold Mining), the Ghanaian-based Gold Company with properties in the Ashanti belt region, and the formation of the James Monroe Capital Royalty Trust.
"The major hurdle that I had when I took over this company was to get it properly financed so we could pursue our deals that would provide shareholder value. We are now well on our way in doing this. The gold-asset that we acquired will help us in getting financed efficiently as well.
"We will finance the joint venture with Strat Petroleum using debt. Debt financing will also be used for our other projects, like acquiring hundreds of the thousands of Stripper Wells available in North America. I am still negotiating terms and will have this finalized shortly.
"Concerning the James Monroe Capital Corp. Royalty Trust, in order to participate in the Royalty Trust one must have a date of record June 1, 2007. Also, I am currently in talks with a potential Underwriter and Trustee for the Royalty Trust who has current and past experience Underwriting, Listing and Managing monthly dividend paying Royalty Trust with several NYSE Royalty Trust.
"I look forward to keeping you updated in these exciting times."
SOURCE: James Monroe Capital Corp.
for James Monroe Capital Corp.
Harold Engel, 254-458-0473 info@chinookinvestmentgroup.com
jmcpcorp.com Copyright Business Wire 2007
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