Multi-Corp International, Inc. (OTC:MULI) Announces It Signed An LOI With Petro Worth To Acquire The Rosevale Property.
DENVER CITY, Texas, June 10, 2013 /PRNewswire/ -- Multi-Corp International, Inc. (OTC:MULI), is pleased to announce it has entered into an LOI with Petro Worth for its Rosevale Property located in New Brunswick, Canada. This property is located south of the city of Moncton, NB. The property has a total of 65,500 acres, and currently has two wells on it, one of which has reserve study completed while the other requires fracturing. The property has 80 kilometers of 2D seismic coverage. Complete geologic and engineering have been completed on the property. Furthermore, the property is close to an international pipeline. Multi-Corp International, Inc. feels the property has an excellent forward looking potential, as Pieridae Energy Canada has just signed a 20 year agreement with a Germany utility company to purchase Liquefied Natural Gas from a newly announced facility to be located in Goldboro, Nova Scotia. This facility will export up to 10 million tonnes of natural gas annually. The Rosevale property is strategically located to have a market for all the gas it can produce.
The company is undertaking due diligence and will announce the signing of a definitive agreement in the event that one is signed.
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.