LEVITTOWN, NY, Nov. 8, 2013 /PRNewswire/ - Far Vista Petroleum Corp (FVSTA, PinkSheets)
The president announces that the counter offer submitted by the financial institution representing the purchaser is for the amount of $0.50 per share. The Board has rejected this offer as being too low in relation to the evaluation of the assets and oil reserves. It issued a counter offer of $0.58 which is open until Monday, November 12, 2013 4 PM for acceptance.
The Board is adamant in obtaining an offer that reflects the evaluation provided in the report of the estimated net oil reserves, completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas.
The oil reserves are "Proved, developed and producing" 1,584,000 barrels having a value of $166,320,000; "Proved undeveloped' 4,134,000 barrels having a value of $434,070,000; ' Probable ' 10,351,000 barrels having a value of$1,086,855,000; and 'Possible' 14,201,000 barrels having a value of $1,491,105,000.
In addition to these reserves, Lukoil reports that there is no less than than 5 hydrocarbonic mines that can be predicted with geological reserves. An expert committee advised the Board of Far Vista about this high probability of oil reserves in exploring at least 4 new horizons from the Lower Permian to the Lower Devonian discharges in the south-western part of Chedty field.
The Company's geologist reports that since our neighbor, Lukoil, discovered reserves at the very boundary with our territory indicates that there remains previously undiscovered additional huge deposits within this territory which was not included in the original evaluation report.
The president adds, "We are convinced that we will definitely obtain an offer than reflects the value of the Company. This will not be the only offer which will be made especially because of the renewed interest in the Russian oil market.''
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.