EyeCity.com, Inc. Announces Acquisition Program for Oil and Gas
Production in Turner Valley Field, Alberta, Canada.
LAKE MARY, Fla., Dec. 13,
2012 /PRNewswire/ -- EyeCity.com, Inc. (Pink Sheets: ICTY.PK)
announces today its initiative to acquire under performing oil and
gas wells in the Turner Valley
located in Alberta, Canada.
EyeCity.com, Inc.'s ("ICTY") management team is executing on their
strategy to target underexploited oil and gas producing assets
within proven oil field systems to create turnkey production and
revenue models.
ICTY has optioned lands with multiple wells in the Turner Valley oil field system and is in the
final stages of negotiations for the acquisition of oil and gas
production working interests located in the Turner Valley area of Southwestern,
Alberta, Canada. As previously
disclosed in the news release dated November
15, 2012, ICTY's management is focusing its business efforts
on acquiring underexploited oil and gas assets within proven fields
in North America.
The Turner Valley oil and gas
field has been producing oil and gas since 1914 and was the first
oil and gas field developed in Canada; it also has been one of its most
productive regions. The main oil and gas operators in the
area include Devon Canada,
ConocoPhillips Canada, Shell Oil and Legacy Oil and Gas. The
lands being evaluated by the company are adjacent to the main
Turner Valley Rundle pool in an unexploited oil accumulation called
the KEW structure which is believed to be a faulted out slice of
the main Turner Valley oil
system.
ICTY's management believes that the Turner Valley area meets their requirements
for an initial turnkey property and a significant future
opportunity to be exploited for the company. Chapman
Petroleum Engineering Ltd. completed an engineering evaluation
study of the average oil recovery data from one section area of the
Turner Valley Rundle field which data indicated an average oil
recovery of 5.7 million STB ("stock tank barrel"). Chapman
Petroleum Engineering Ltd has assigned resources on areas being
evaluated by the Company ranging from 2.9 million STB (lower case)
to 8.7 million STB (high case) with the most likely oil recovery
being 4.8 million STB over the 640 acre field.
Mr. Bradley Wilson, CEO of ICTY,
stated "We have been in discussion and negotiations for several
months now and are in the final stages of the acquisition; this
brings the promise of near term production, exploration and
development prospects in the Turner
Valley area. The oil and gas wells and properties being
evaluated show the near term production potential of 75 barrels of
oil per day and significant additional prospective development
resources".
About EyeCity.com, Inc.
EyeCity.com, Inc. is currently transitioning its business model
towards a focus on natural resources. The primary focus in
this sector is targeted towards oil and gas and the exploration and
mining.
For further Information and
inquiries:
eyecityresourcegroup@gmail.com
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of
historical fact, may include forward-looking information that
involves various risks and uncertainties. There can be no
assurance that such forward-looking statements will prove to be
accurate. Actual result and future events could differ
materially from those anticipated in such statements. These
and all subsequent written and oral forward-looking statements are
based on the estimates and opinions of management on the dates they
are made and expressly qualified in their entirety by this
notice. The Company assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change, other than as required pursuant to
applicable securities laws.
SOURCE EyeCity.com, Inc.