Innocent Inc. Announces New Joint Venture to Explore for Oil and Gas
November 21 2013 - 8:30AM
Marketwired
Innocent Inc. Announces New Joint Venture to Explore for Oil and
Gas
MELBOURNE, FL--(Marketwired - Nov 21, 2013) - Innocent
Inc. (OTCQB: INCT) (the "Company"), a development stage oil and gas
drilling and exploration company, is pleased to announce that it
has signed an exploration agreement with Evergreen Petroleum of
Dallas, TX.
Evergreen, which has over 150 years of experience in the oil and
gas industry, will be the General Manager of the Exploration
Project. Evergreen will be responsible for selecting areas to
lease, drilling exploratory wells, drilling development wells, and
producing oil and gas found. Evergreen has conducted and will
continue to conduct both regional and local geological studies to
define prospects that are worthy of acquiring oil and gas leases.
Preliminary examinations of title to the minerals in these selected
areas and the acquisition of said leases will be carried out for
and on behalf of Innocent and Evergreen ("the Parties") by Pacer
Energy LLC ("Pacer") of Gillette, Wyoming.
The Operator of the drilling venture will be L & J Operating
Inc. of Gillette, Wyoming, which will be responsible for obtaining
the required bonds, preparing the Joint Operating Agreement
A.A.P.L. Form 610 - 1989, selecting all contractors and suppliers,
payment of all invoices, sale of produced oil, payment of Ad
Valorem, conservation, severance taxes and payment to the Parties
of their net income on a monthly basis. Innocent will engage
engineering and geological consultants as required. All the
activities of the Operator shall be under the supervision of the
Parties to this agreement, including daily and other interval
reports.
The primary area of interest is the Powder River Basin of
Wyoming, particularly where the objective oil-bearing formations
are less than 2,500 feet below the surface; however, other
prospective areas in Wyoming will be studied as well. In general,
prospects will be direct offsets to former production or to wells
with very good oil and gas shows. The expected lower API gravities
of the oil will require secondary recovery via water, gas or other
floods including steam or fire flooding. Also, new methods of
radial horizontal drilling in the reservoirs will be utilized.
Patrick Johnson, newly appointed COO of Innocent, stated, "We
are excited to partner with Evergreen. They are as experienced in
the region as anyone, and we are excited and optimistic at what the
future can bring to us both."
About Innocent Inc.
Innocent Inc. is a development stage oil and gas exploration and
production company focused on developing properties in North
America. Innocent Inc. plans to minimize the risk of exploration
through development of proved petroleum reserves, and expects to
maximize profit through strategic acquisition and liquidation of
selected oil and gas properties. Innocent Inc. has partnered with
industry experts in this agreement and they will provide the
technical guidance and field management experience. Together, this
new team of Innocent Inc. and Evergreen Petroleum will focus on
acquiring low risk, high upside properties coupled with substantial
exploration potential. Through improvements in oil and gas
production technologies, we seek to rapidly increase production
levels and generate predictable, sustainable value. Adhering to our
narrow, clearly defined strategy, we are focused on 100%
acquisitions and joint ventures to maximize our production
capacity. The company can be found online at
www.innocentinc.com.
SAFE HARBOR
This press release contains forward-looking statements regarding
future events and our future results that are subject to the safe
harbors created under the Securities Act of 1933 (the "Securities
Act") and the Securities Exchange Act of 1934 (the "Exchange
Act"). All statements other than statements of historical
facts included in this report regarding our financial position,
business strategy, plans and objectives of management for future
operations, industry conditions, and indebtedness covenant
compliance are forward-looking statements. When used in this
report, forward-looking statements are generally accompanied by
terms or phrases such as "estimate," "project," "predict,"
"believe," "expect," "anticipate," "target," "plan," "intend,"
"seek," "goal," "will," "should," "may" or other words and similar
expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about,
actual or potential future sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond our
company's control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: oil and gas prices, general economic or
industry conditions, nationally and/or in the communities in which
our company conducts business, changes in the interest rate
environment, legislation or regulatory requirements, conditions of
the securities markets, our access to capital, changes in
accounting principles, policies or guidelines, financial or
political instability, acts of war or terrorism, and other
economic, competitive, governmental, regulatory and technical
factors affecting our company's operations, products, services and
prices.
We have based these forward-looking statements on our current
expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control.
Contact: Innocent Inc. Patrick J. Johnson Chief Operation
Officer 1-786-508-2884
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