PLANO Texas, Oct. 17, 2012 /PRNewswire/ -- Globalgroup
Investment Holdings, Inc. (PINKSHEETS: GIHI) announced today that
its subsidiary Sovereign Oil Corp has recorded successful drilling
results from an additional new well in Kansas. The following is the geologist
report:
The Robbins well #020 is a vertical well drilled 825 feet south
and 825 west from the northeast corner of section 31 in Township
21s, Range 24e, Linn County
Kansas. This well was successfully spudded October 3, 2012. Surface casing is set to 20 feet
below ground level. Further cuttings sampled at all sands present.
Casing was set to a depth of 450.75 feet. The primary objective was
the Bartlesville Sandstone, with secondary objectives are in the
Peru, Squirrel, and McClouth
sands. The 18 feet of oil sand in the Bartlesville exhibited a
superior show of oil with a good bleed into the sample containers.
The Squirrel sand contained oil in the lower five feet. In the
upper section, there is plentiful gas. Cuttings sampled from the
upper interval bubbled as they were collected, and drillers
mentioned that gas could be seen escaping from the wellhead. It is
very high-quality sand, with a thickness of 29 feet.
Fred Rackers, President of
Globalgroup Investment Holdings, Inc., stated, "This geological
report on the successful drilling of the Robbin's lease well #020
with 29' of sand present in the Bartlesville pay zone in
Kansas demonstrates GIHI's
expected return on investment from its subsidiary Sovereign Oil
Corp." Mr. Rackers continued, "This successful drilling allows the
company not only benefits from its assets in our subsidiary O&G
division but will permit GIHI to continue our investment in the KS
region."
Upon conclusion of Robbin's #020 drilling and completion, GIHI's
petroleum division expects improved annual revenues from the KS
well of approx $50,000.
About Globalgroup Investment Holdings, Inc.
Globalgroup provides a viable online shopping alternative for
fiscally challenged consumers by offering quality name brand
products at affordable prices, regardless of household income,
through credit alternatives and time-payment options.
Globalgroup also offers technology solutions such as
GlobalLOK™ that address the computer payment
collection challenges associated with rent to own, pay as you go
and no-credit-check computer markets, and in other industries where
remote PCs and laptops are deployed. Sovereign Oil, a wholly
owned subsidiary, has its emphasis on oil and gas exploration,
drilling, and well completion.
Notice Regarding Forward-Looking Statements in this press
release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. These forward-looking statements are made
as of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that any beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that any such beliefs,
plans, expectations or intentions will prove to be accurate.
Investors should consult all of the information set forth herein
and should also refer to the risk factors disclosure outlined in
our annual report on Form 10-K for the most recent fiscal year, our
quarterly reports on Form 10-Q and other periodic reports filed
from time-to-time with the Securities and Exchange Commission.
Contacts: Globalgroup Investment Holdings, Inc.
Email: info@globalgroupinvestmentholdings.com
SOURCE Globalgroup Investment Holdings, Inc.