Multi-Corp International Inc Announces New Drilling Program Targeting Cave Pool Property in Eddy County , NM with $79,433,000 Net Present Value
DENVER CITY, Texas, May 13, 2013 /PRNewswire/ -- Multi-Corp International Inc (OTC-MULI) announced today that it has engaged MCI Operating of NM LLC to license and operate a summer drilling program for the first of two drill targets on leases owned in the Cave Pool Property that covers 2800 acres located within the Eddy County, NM. It is located within the prolific Artesia Vacuum Trend – more specifically within the Grayburg Jackson Pool. The Artesia Vacuum Trend play contains thirteen reservoirs with more than 1 MMBO cumulative production. Cumulative production from these 13 reservoirs was 796 MMBO as of 2000. Depths to the top of reservoirs range from 1290 to 4700 ft. This is a mature play, especially within the highly productive San Andres carbonates. Recent development of lower permeability Grayburg sandstones in the Grayburg Jackson reservoir during the mid-1990's has been successful to the point of reversing production decline and is a major focus of current and future development.
Multi-Corp International Inc owns 100% working interest in the Cave Pool Property lease. Multi-Corp International Inc has now engaged MCI Operating of NM to be the operator, this being a direct result from recent independent reserve evaluation report completed in Q1, 2013 showing a Net Present Value of $79,433,000 in P1 and P2 reserves.
This first well will be fully funded from a private placement or Joint Venture Agreement. The Company is currently in talks with several interested parties and it will be making a decision very shortly.
The Company's goal is to bring on significant early cash flows in 2013. With the completion of the Independent reserve evolutional report and the year end audit to be completed very shortly, the next fundamental step is the applications for listing the Company's shares on more senior exchanges.
The Company by taking these steps intends to continue to grow shareholder value by means of acquisitions and further merger opportunities currently under review.
About Multi-Corp International, Inc. (MULI)
Multi-Corp International is an Exploration and Production (E&P) company focused on delivering superior operating and financial results by developing and acquiring oil and gas resources initially in New Mexico and then throughout North America, that are contributing to the country's energy security and vital to the world's health and welfare.
The Cave Pool Unit property covers 2,800 acres located within Eddy County, NM. It is located within the prolific Artesia Vacuum Trend – more specifically within the Grayburg Jackson Pool. The Artesia Vacuum Trend play contains thirteen reservoirs with more than 1 MMBO cumulative production. Cumulative production from these 13 reservoirs was 796 MMBO as of 2000. Depths to the top of reservoirs range from 1290 to 4700 ft. This is a mature play, especially within the highly productive San Andres carbonates. Recent development of lower permeability Grayburg sandstones in the Grayburg Jackson reservoir during the mid-1990's has been successful to the point of reversing production decline and is a major focus of current and future development.
Notice Regarding Forward-Looking Statements
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 which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Multi-Corp International, Inc.
SOURCE Multi-Corp International, Inc.
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