Tiger Oil and Energy Enters Cowley County, Kansas Oil Venture With Black Hawk Exploration
November 29 2010 - 6:42AM
Marketwired
Tiger Oil and Energy, Inc. (OTCBB: TGRO) is pleased to announce its
Joint Oil Venture with Black Hawk Exploration.
Tiger Oil and Energy, Inc. (TGRO) has entered into a
co-development agreement with Black Hawk Exploration in which,
after an investment of $400,000 by TGRO in a new well in Black
Hawk's Cowley County lease, TGRO will earn a 40% working interest
in the # 1 Baker well and BHWX will receive a 50% interest in the
new well. TGRO will have the right to participate in the 9 well
re-work program at the Cowley Prospect. The Cowley County, Kansas
leases cover approximately 2,553 acres.
TGRO will receive a 80% interest in any other new well TGRO
drills on Black Hawk's current or future Cowley County, Kansas
leases and BHWX has the option to finance each additional new well
drilled by TGRO on a prorated basis and own up to an additional
30%.
In addition, TGRO entered into an agreement with Tiger Oil and
Gas, LLC, a Kansas limited liability company ("Tiger LLC"). In the
agreement BHWX purchased oil and gas leases within Cowley County
and Tiger LLC agreed to operate and participate in the development
and exploration of additional oil and gas wells and leases on
behalf of BHWX and Tiger Oil and Energy, Inc.
About Black Hawk Exploration
Black Hawk is a diversified metals and energy exploration
company and currently has expanded its current exploration program
focus on lithium, gold and silver discovery with the addition of
oil and gas leases in Kansas. Continuing its program of value added
property acquisition, new project generation, asset diversity and
building shareholder value, Black Hawk will continue to develop its
Clayton Valley lithium and Dun Glen gold and silver holdings and
has added a third focus with the acquisition of the Cowley County,
Kansas oil and gas leases and the10 inactive oil and gas wells to
be jointly developed with TGRO.
About Tiger Oil and Energy
Tiger Oil and Energy is an oil exploration company expanding its
portfolio of projects with value added acquisitions and
participations. TGRO previously closed an exchange agreement with
Jett Rink Oil, LLC, wherein the Company acquired 100% of Jett Rink
Oil, LLC and operates as a wholly-owned subsidiary of Tiger Oil and
Energy. Please refer to the Company's recently filed 8K for a
detailed outline of the transaction. With the purchase of Jett Rink
Oil, the Company acquired interests in two oil and gas leases
located in Creek County, State of Oklahoma, (the Shilo Project)
together with all equipment located thereon.
SHILO PROJECT
TGRO owns a 7.5% working interest with 80% net revenue interest,
in the gas and oil lease containing 40 acres located in Creek
County, State of Oklahoma (the "Shilo #1"). The Company also owns
an 11.5% working interest with 80% net revenue interest, in the gas
and oil lease (the "Shilo #2"). The two wells were drilled in 2006.
The Shilo #1 originally produced 550 MCFG/D w/no water from a 10
foot Dutcher section (2940' - 2950'). From June 2007 through
November 2009, (the available production history of the well) this
well produced a cumulative 61,087 MCFG at an average monthly rate
of 2068 MCFG/month and 374 BO. The Shilo #2 originally produced
from the Bartlesville sand at 2410' - 2414'. Initial production was
55MCFG + 2 BO + 1/4 BW per day.
Notice Regarding Forward-Looking
Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
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.
Such forward-looking statements include, among other things, the
anticipated exploration, development, production and acquisition of
properties. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
energy exploration and development stage exploration companies.
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 the beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that 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.
Contact: Ken Liebscher CEO Tiger Oil and Energy, Inc.
1-702-839-4029 CEO@tigeroilandenergy.com
Tiger Oil and Energy (CE) (USOTC:TGRO)
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