Mondial Ventures, Inc. Completes Definitive Agreement To Acquire Working Interest In 240 Acre West Texas Barnett Shale Oil Development Project
SCOTTSDALE, Ariz., Nov. 5, 2012 /PRNewswire/ - Mondial Ventures Inc. (OTCBB: MNVN) announced today it has signed a Definitive Agreement to acquire a 50% working interest and participate in the development of a 240 acre Oil lease known as the Boyette property located in Shackelford County, Texas.
The agreement calls for Mondial to provide $175,000 for the acquisition of the working interest and to prepare the ground work to conduct a 3-D Seismic study on the 240 acres. The seismic study will focus on specific Barnett Shale formation characteristics that will assist in the drilling of up to two Barnett horizontal wells, or 4 equivalent vertical wells per horizontal well, on the Boyette lease. Proposed depth of the future drilling is expected to be approximately 5,200′ to 5,500′ feet.
Three previously producing wells currently exist on the property. Recently, there have been Barnett wells in the immediate surrounding area that have been productive in the oil segment of the Barnett Shale which have justified the seismic study.
The company believes that this is an excellent opportunity to advance its Oil lease acquisition strategy and minimizes their risk by acquiring a working interest, resulting in a co-partnered drilling program. A deposit has already been advanced towards the transaction.
Dennis Alexander, Mondial's CEO, stated, "This development of a strategic co-development plan for a multi-drilling program will enable us to participate and expand the breadth of our oil and gas portfolio in a shared risk approach. We believe that this approach will further assist us to limit our financial exposure while having the advantage of utilizing additional oil and gas management, engineering and advisory teams that will have an overall focus on the success of our specific projects." He also stated, "Coming off the back of our successful drilling operation on our Glorieta Formation we are extremely optimistic with this new multi-drilling project."
About Mondial Ventures Inc.
Mondial Ventures, Inc. is Oil and Gas Producer engaged in the acquisition of Oil and Gas properties and assets that can be developed into revenue producing assets. The Company has put an emphasis on acquiring existing Oil fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Mondial Ventures Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Mondial Ventures Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Mondial Ventures Inc.'s filings with the Securities and Exchange Commission.
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