KRFG King Resources Inc (PK)

King Resources, Inc. (OTC: KING) KING announced today that the company has decided to implement a project creating a �Joint Venture Consortium� to fully capitalize on the professional offshore expertise of KING�s exploration team who together have more than 170 years experience in the oil & gas Industry. In addition, King�s management announces the number of shares issued and outstanding in a recent audit by KING's Transfer Agent. Joint Venture Consortium This planned Joint Venture calls for KING�s exploration team to lead a consortium of oil & gas exploration companies in evaluating, bidding and acquiring offshore Gulf of Mexico blocks, at federal and state offshore lease sales. The increase in interest in the offshore arena, particularly after the recent Chevron, Devon, Statoil, Jack 2, discovery in the Walker Ridge area in the deep Gulf of Mexico supports King�s long held belief that substantial, economical oil & gas reserves remain to be found in the Gulf of Mexico. This Joint Venture will add to King�s position in the area. Several large independent oil & gas companies have published analysis on the exploration potential of the Gulf of Mexico, which reflects King�s thinking. King�s exploration team has successfully led similar consortiums in the past, which resulted in discoveries offshore Texas and offshore Louisiana, including the Vermillion area, where King has a Farmout on 10,000 acres with a potential of 250 BCF of gas. Some of these discoveries are still producing after more than 20 years. Issued and Outstanding Shares King has received the results of an audit by its Transfer Agent which shows that the total number of shares issued and outstanding is 152,687,640. The approximate trading float is 34 million shares. King is negotiating the financing of acquisitions which may require some equity be provided by King. If market conditions warrant, this equity may be raised by issuing stock. About King Resources King Resources is a development stage Oil and Gas Exploration and Production Company. King's team has worked together for over 40 years and has extensive offshore exploration experience in drilling, designing production platforms and production. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, Turkey, Egypt, the Arctic and other areas. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. King Resources, Inc. (OTC: KING) KING announced today that the company has decided to implement a project creating a "Joint Venture Consortium" to fully capitalize on the professional offshore expertise of KING's exploration team who together have more than 170 years experience in the oil & gas Industry. In addition, King's management announces the number of shares issued and outstanding in a recent audit by KING's Transfer Agent. Joint Venture Consortium This planned Joint Venture calls for KING's exploration team to lead a consortium of oil & gas exploration companies in evaluating, bidding and acquiring offshore Gulf of Mexico blocks, at federal and state offshore lease sales. The increase in interest in the offshore arena, particularly after the recent Chevron, Devon, Statoil, Jack 2, discovery in the Walker Ridge area in the deep Gulf of Mexico supports King's long held belief that substantial, economical oil & gas reserves remain to be found in the Gulf of Mexico. This Joint Venture will add to King's position in the area. Several large independent oil & gas companies have published analysis on the exploration potential of the Gulf of Mexico, which reflects King's thinking. King's exploration team has successfully led similar consortiums in the past, which resulted in discoveries offshore Texas and offshore Louisiana, including the Vermillion area, where King has a Farmout on 10,000 acres with a potential of 250 BCF of gas. Some of these discoveries are still producing after more than 20 years. Issued and Outstanding Shares King has received the results of an audit by its Transfer Agent which shows that the total number of shares issued and outstanding is 152,687,640. The approximate trading float is 34 million shares. King is negotiating the financing of acquisitions which may require some equity be provided by King. If market conditions warrant, this equity may be raised by issuing stock. About King Resources King Resources is a development stage Oil and Gas Exploration and Production Company. King's team has worked together for over 40 years and has extensive offshore exploration experience in drilling, designing production platforms and production. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, Turkey, Egypt, the Arctic and other areas. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.