Corporate Update - Review of recent developments as related to Multi-Corp International, Inc.
DENVER CITY, Texas, May 7, 2013 /PRNewswire/ -- Multi-Corp International, Inc. (OTCQB: MULI and OTC PINK: MULI), ("Multi-Corp" or the "Company")
In an effort to provide some clarification regarding Multi-Corp's recent business transactions, the board offers the bullet points below in an effort to simplify the many important corporate developments reached and surpassed.
- Dec. 17, 2012 Multi-Corp was pleased to announce, that the Company has purchased from Quad Energy, Inc. a 100% Working Interest in the 2,800 acre Cave Pool Property in Eddy County, New Mexico. There are currently 32 wells which are capable of producing approximately 40 BOPD with 30 MCF Natural Gas, based on 40 acre spacing and over 100 possible drilling locations based upon 20 acre spacing. Management has currently identified 10 wells that are currently shut-in that will be returned to producing status within the first sixty days of operation. Production should increase by a minimum of 20 BOPD once the 10 wells are placed on production. Payment for the 100% W.I. was made by the Company issuing 10 million of its common shares to Quad Energy.
- January 29, 2013 Multi-Corp filed a Form 15c211 application with FINRA in order for its common shares to be traded on the OTC:BB.
- March 11, 2013 Multi-Corp was pleased to announce the results of an independent reserve evaluation on its oil property in the Cave Pool field in Eddy County, New Mexico, USA. As noted above the Corporation owns a 100% working interest in 2,800 acres in the Cave Pool Unit and field, which contains approximately 40 wells that have produced but are currently shut-in. An independent reserve evaluation prepared by Chapman Petroleum Engineering Ltd. indicates estimated Proved light oil reserves of 386,000 STB having a net present value of $11,954,000 at 10% DCF/annum and additional Probable reserves of 1,570,000 STB, having a value of $67,479,000 at 10% DCF/annum. Production of these reserves will be realized through drilling of wells on unexploited locations from the Grayburg sand identified on well logs of the existing wells on these lands. Some of the wells on these lands will be re-entered for production from previously uncompleted zones in the Grayburg reservoir.
The Current Net Present Value of the P1 and P2 reserves are estimated to be worth combined around $79,433,000 plus and this does not include the value in the P3 reserve.
- April 16, 2013 Multi-Corp announced the appointment of a new independent registered public auditing firm, M & K CPAS PLLC, out of Houston, Texas. To complete the year end audit and Form 10-K, for the year ending December 31, 2012.
- April 19, 2013 Multi-Corp was pleased to announce that it received approval from the Depository Trust & Clearing Corporation for electronic trading of its common shares are now full service DTC eligible. Previously, the company was only allowed certificate trading. With this announcement shareholders may now buy and sell without restrictions electronically.
- May 6, 2013 Multi-Corp has signed a LOI with Quad Energy Corp to purchase a 100% working interest in the Double X property for 3 million restricted shares of Multi-Corp International Inc.
- To clarify, Quad Energy Corp has been in negotiations with the US Federal government and bankruptcy court since December 2010 and it was Robin Hood LLC that went into receivership which allowed Quad Energy Corp to purchase the leases/property and its production from the trustee. The sale of this asset to Quad Energy Corp was approved by the court on March 28, 2013.
Safe Harbor Act Notice: Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
ON BEHALF OF THE BOARD
Multi-Corp International, Inc.
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SOURCE Multi-Corp International, Inc.