Gold Coast Mining Creates New Energy Division for Oil & Gas Investments
August 27 2013 - 6:47AM
Marketwired
Gold Coast Mining Corp. (OTC Pink: GDSM), is pleased to announce
the formation of a separate division to house and pursue its
investments in the oil space.
The new division will focus on acquiring oil field leases, and
working interests in producing wells. These interests will be
structured as joint ventures, similar to the Garfield project,
where the division will partner with both public and private
companies to exploit known oil reserves.
Additionally, the new division will seek to acquire an interest
in a contractor, which will allow the Company to manage entire
projects, and receive additional revenue streams from these
operations. The Company has launched a search for contractors in
oil producing areas, and anticipates such vertical integration will
result in an increase of cash flow and return on capital.
Initial Oil Project Investment
As its initial investment, the Company secured a lease and
working interest, through an existing large investor, Bubblin Crude
LLC, for a 2% interest in the Garfield project, with an agreement
to allow for an increase to 5% in the coming weeks.
The operator and developer is Tiger Development LLC, which is
drilling a vertical depth well in Section 13-T25N-R6W, Garfield
Twp., Kalkaska Co., Michigan, and is projected to produce 50-60
barrels a day once in full production. Last week, the completion
rig was moved onto the site and additional details will follow
shortly.
At a 5% interest, the project is expected to generate $5,000 to
$6,000 in monthly cash flow, once in full production. The Company's
goal is to increase the number of interests thus generating a
sustained cash flow stream, and allow a path towards
profitability.
Michael Shea, the CEO of Gold Coast Mining Corp commented,
"Since coming on board earlier this summer, our strategy of
acquiring oil interests that will provide significant cash flow
remains intact. The challenge of cleaning up legacy issues such as
past due debt, non-beneficial joint ventures, etc. are near
complete, thus paving the way for a fresh start and creation of
solid foundation. The Garfield project is the first of many, and we
are excited about the prospect of being a vertically integrated oil
services company."
Given some pending events and the upcoming holiday, the
Conference Call scheduled for September 3rd has been moved to
September 17th, all other details remain the same.
As of August 15, 2013, there were 2 billion shares authorized,
of which 1,179,887,086 common shares were issued and
outstanding.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in
the mining and energy sectors. The Company's goal is create a
vertically integrated oil division under Black River Ventures and
continue its diversification into other high growth industries. The
primary goal is generate cash flow to sustain and grow
profitability.
Follow us on Twitter at http://twitter.com/GoldCoastMining
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include,
but are not limited to: the impact of economic, competitive and
other factors affecting the Company and its operations, markets,
product, and distributor performance.
CONTACT: Michael Shea Gold Coast Mining Corp. Phone: (203)
210-5614 Email: Michael.shea@gdsmholdings.com Melissa Diaz South
Street Media, Inc. Phone: (917) 937-8968 Email:
info@southstreetmedia.com
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