Far Vista Petroleum Corp obtains financing for acquisition of refinery
LEVITTOWN, NY, Oct. 23, 2013 /PRNewswire/ - Far Vista Petroleum Corp (FVSTA, PinkSheets) The CEO of the Company announces that it has obtained financing in the amount of $45 million for the acquisition of the Usink Refinery.
A few months ago, the Board had appointed Grigory Gabrielyants, vice president of the Company, doctor of geological and mineralogical sciences, to immediately commence the proceedings to obtain a financing for the acquisition.
Mr Gabrielyants has successfully put his expertise to work on his long list of connections in the oil industry to obtain this financing to complete the transaction. He states, 'Over the years I have successfully dealt with many banks and commercial funds that operate within the oil industry. My activities while I was the Minister of Geology permitted me to participate in many transactions involving governmental and private sector activities as well as a mixture of both. All these transactions were in the field of natural resources such as oil and general mining.''
The Refinery is situated in the Usink region which is approximately 15 miles from the Chedty oil fields.
Through this acquisition, the company would not only be an oil producer but would also act as a refinery to process its own products as well as those of the other producers in this oil rich area.
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.