Capital Hill Bid - Up to 300 Million Barrels
August 16 2005 - 4:03PM
Business Wire
Capital Hill Gold, Inc. (OTCBB:CHGI) provides further information
with respect to its participation in the 2005 Nigerian oil bid
round. In response to numerous telephone and email inquiries from
shareholders and other interested parties, Dan Enright, President
of Capital Hill Gold, provides additional information with regards
to our last two press releases. Mr. Enright said, "The final
selection for the 2005 offshore oil Nigerian bid round will be made
August 26th, 2005 primarily based on the qualifications of our
joint development partner, Oil Services Inc. -
http://ois-international.com/ -. Should our joint venture be
selected, CHGI and Oil Services, Inc. expect to partner with a
major multinational oil company to head up the exploitation of the
concession. Our consortium has bid for three concession blocks. The
three concessions contain up to 300 million barrels with
200,000,000 barrels in proven reserves. The concessions being
offered are located offshore which is an area of particular
interest to the multinational oil companies currently involved in
Nigeria, which include Royal Dutch/Shell (NYSE:RD), Chevron/Texaco
(NYSE:CVX), and Exxon/Mobil (NYSE:XOM). The US Department of
Energy's analysis of the Nigerian oil industry can be found at
http://www.eia.doe.gov/emeu/cabs/nigeria.html. CHGI cannot predict
with certainty the ultimate economic impact that an oil concession
award will have until negotiations with a multinational. On our
shareholders' behalf, we will continue to pursue other petroleum
and natural gas opportunities in this oil rich region." About The
Company Capital Hill Gold's strategic objective is to obtain
controlling interests in petroleum, uranium and other strategic and
precious metal properties with excellent exploration potential for
economically significant to world-class ore deposits. CHGI has
acquired rights to several mineral exploration properties with
uranium, gold and silver, and is actively negotiating for the
acquisition of additional properties. This press release contains
statements, which may constitute "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act of 1995. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by
such forward-looking statements. Important factors currently known
to management that could cause actual results to differ materially
from those in forward-looking statements include fluctuation of
operating results, the ability to compete successfully and the
ability to complete before-mentioned transactions. The company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results.
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