Tuesday January 28 9:47 PM EDT
Nemdaco Energy Resources Inc., Acquires Gulfpac, USA
LOS ANGELES, Jan. 28 /PRNewswire/ -- Nemdaco Inc today announced that it is forming a new subsidiary NEMDACO
ENERGY RESOURCES to acquire GULFPAC USA and all of its subsidiaries. GULFPAC, a privately held California
corporation engaged in the exploration and development of oil and gas properties, and the construction of a 120,000 barrel per
day oil refinery in the oil and gas rich Northeastern portion of the Malaysian Peninsula, GULFPAC and its 35% Joint Venture
Partner SKKPJ (TANAH MERAH) DEVELOPMENT SDN BHD have received permits from the State for the exploration,
development and operation of the oil field on an exclusive basis and the construction of the refinery. Refinery construction is
expected to be completed with thirty six months. GULFPAC has a contract with SKKPJ for the exploration, development and
operation of the fields and the construction and operation of the refinery.
Tom Bowers, GULFPAC's Chairman and CEO stated "the proven and unproven Oil and Gas reserves in and adjacent to
Malaysia may exceed all the known reserves in the Middle East." Mr. Bowers further stated "GULFPAC-NEMDACO
ENERGY RESOURCES combination provides the management strengths in the U.S., Asia and Europe needed to operate a
Company with the potential that we have." Paul McCann, GULFPAC's President has over thirty years of International Banking
experience as Chief Operating Officer of Merchant and Development Banks in Asia and Africa. Mr. McCann stated that "the
Company will act as the development bank for the exploitation of the energy resources of the area and that he anticipates that
through the syndication, loans and direct investments managed by the Company, Malaysia is poised to become one of the
world's largest energy producers."
Under the terms of the Asset Purchase Agreement Nemdaco, Inc., will own 49% or 6,000,000 shares of GULFPAC
NEMDACO ENERGY RESOURCES. Jeff Bender, Nemdaco's Chairman, stated that "this acquisition will be the cornerstone
of NEMDACO's future operations and energy spinoffs." SOURCE Nemdaco Inc.
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