LEVITTOWN, N.Y., Nov. 6, 2013 /PRNewswire/ - Far Vista Petroleum Corp (FVSTA, PinkSheets)
The president states that the Board has been reviewing the offer to purchase the outstanding shares of the Company with the assistance of its accountants. It concludes that the past activity of its shares on the market indicate that a company with such assets and potential does not receive an equitable evaluation on the OTC market.
The current stock price is way below the true market value. The president adds, "Two days ago we announced the cancellation of 195,973,767 common shares to decrease the number of shares outstanding thereby increasing the value of the remaining shares held by the Company's shareholders. Although it represents almost a third of the issued shares, this was not reflected in the price of the shares on the market. Mathematically, this alone should increase the value of the remaining shares. This indicates that it is imperative that the Company be listed on a higher exchange."
About Far Vista Petroleum Corp
Far Vista Petroleum Corp has business objectives of interacting with Russian operators in the oil/gas industry with the goal of building a vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
SOURCE Far Vista Petroleum Corp.