SCOTTSDALE, Ariz., Nov. 9, 2012 /PRNewswire/ -- Mondial Ventures Inc. (OTCBB: MNVN) reported today that the Company's share capital has been reduced from 100,000,000 to 53,000,000 common shares issued and outstanding. This reduction represents a decrease of 47,000,000 or 47% of the original issued and outstanding common shares of the Company.
The reduction in share capital is a result of 71,000,000 common shares being cancelled from previous shareholders subsequent to the Company's first Oil and Gas property acquisition which was announced on August 2, 2012. The acquisition including assignments and fees was settled by way of the issuance of 19,000,000 newly issued common shares. A further 5,000,000 shares were issued for the appointment of executive management. As a result, the new reported share structure of the Company currently sits at 53,000,000 shares outstanding.
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. Production has commenced on the Company's first acquisition and the Company has recently announced its second acquisition with drilling targets located in the Barnett shale formation. All properties are located in Texas.
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.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. Additional information may be found at the following web site:
SOURCE Mondial Ventures, Inc.