News on MVPH
Friday October 17 8:59 AM EDT
Company Press Release
MVP Holdings Retains Investment Firm to Sell Joint Venture Participations
LA JOLLA, Calif.--(BUSINESS WIRE)--Oct. 17, 1997--The company announced today that it has retained an investment firm to sell joint venture participations in certain proposed oil and gas drilling projects.
The initial drilling projects are three wells in West Virginia and one well in Northeastern Wyoming. There will be thirty investors in each venture and the company will retain a net revenue interest in each well and receive a fee for drilling the wells.
MVP Holdings is presently engaged in the oil and gas business in the states of West Virginia and Louisiana.
MVP Holdings Inc. is pleased to announce, through its subsidiary Falcon Oil and Gas Inc. (a West Virginia corporation), it is accepting subscription agreements to complete a private placement memorandum of 30 units. Priced at $27,505 per unit, to raise a total of $825,150 gross proceeds.
The units consist of fractional undivided working interests in three vertical wells to be drilled in West Virginia. Participants are to acquire 100% working interest in the wells and 70% of the net operating Revenues.
Forward looking statements in this release are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
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Contact:
MVP Holdings Inc.
Joe Casias, 800/844-5549 |
