X-Change Corporation Executes Deal with Diverse Energy Investments, LLC
June 26 2012 - 8:53AM
Business Wire
X-Change Corporation (OTCQB: XCHC.PK) announced today
through its subsidiary Cress Oil, Inc., an independent exploration
and production company based in Houston, Texas that it has executed
a deal for 15,000 net mineral acres in Roosevelt and Daniels
County, Montana with Diverse Energy Investments, LLC. The
transaction price is Eight Million Eight hundred twelve thousand
($8,812,000.00). The closing date is set for August 10, 2012.
“The additional acreage in Daniels and Roosevelt County is a
great fit with the company’s drilling and production strategy in
the NE Montana Bakken shale play," states Atul Trivedi, chief
executive. "By acquiring a footprint of 150,000 net acreage
positions in northeast and central Montana, the company can focus
on its aggressive drilling program it has planned for 2012 and
2013.”
The Bakken Shale in the NE Montana area is from the Devonian
Mississippian age. The widespread Upper Devonian-Lower
Mississippian Bakken formation consists of an upper and a lower
shale member with a mixed siliciclastic carbonate middle member
that is usually referred to as dolomitic sand (or a sandy
dolomite). Both the upper and lower shales are organic-rich marine
shale of relatively consistent lithology. These shales are both the
petroleum source rocks (organic rich) and seal for the
reservoir.
The Bakken has reserve estimates up to 24 billion barrels of
recoverable oil. More than 6000 wells are active in the Bakken
shale, and wells continue to be drilled in North Dakota and NE
Montana. The shift is moving towards aggressive drilling in the NE
and central Montana Bakken Shale counties.
In addition -- X-Change Corporation announced today that it
amended its contract for additional funding through La Jolla Cove
Capital Investors to meet the growing capital requirements of Cress
Oil, a wholly owned subsidiary of X-Change Corporation. The Company
entered into a financing arrangement with La Jolla Cove Capital
that provides $2,800,000 of additional equity financing over a
period of 18 months.
Cress Oil will have immediate working capital resources to focus
on near term acquisitions and its northeast and central Montana
aggressive drilling program it has planned for 2012 and 2013 in
Teton, Roosevelt and Daniels County, Montana.
About X-Change Corporation
X-Change Corporation is building interests in a broad range of
oil and gas projects worldwide. The Company is an independent
energy company engaged in the production, development, acquisition,
exploitation and exploration of crude oil and natural gas.
About Cress Oil
Cress Oil is focused on projects for deep and shallow wells
domestically and internationally. Cress Oil will partner with other
oil and gas companies to explore for reserves on properties the
majors have left behind. Cress Oil earns an interest in new
reserves acquired and in production. The company intends to grow
through a combination of exploration, exploitation, development
drilling and drilling services, as well as strategic acquisitions
of oil and natural gas fields. For more information, please visit
www.cressoil.com
This Press Release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934. A statement containing
works such as "anticipate," "seek," intend," "believe," "plan,"
"estimate," "expect," "project," "plan," or similar phrases may be
deemed "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Some or all of
the events or results anticipated by these forward-looking
statements may not occur. Factors that could cause or contribute to
such differences include the future U.S. and global economies, the
impact of competition, and the Company's reliance on existing
regulations
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