QED Connect, Inc. Signs Definitive Agreement to Acquire Oil & Gas Company
MANCHESTER, N.H., Oct. 11, 2012 /PRNewswire/ -- QED Connect, Inc. ("QED Connect" or the Company") (OTC Pink Sheets: QEDN) today announced that it has entered into a definitive agreement to acquire AFON 2010 Ltd., a Ukraine-based oil and gas company with concessions to oil and gas leases in southern Ukraine.
Western Ukrainian Geophysical Prospecting Expedition, an independent oil and gas consulting firm, performed a survey in 2002 on AFON 2010's leases and determined that the company's leases have the potential to produce 119,000,000 barrels of oil.
QED Connect plans to develop five wells initially on the AFON 2010 concession pending acquiring the required working capital. Average production for wells drilled in this region is over 1,000 barrels per day; however, QED Connect's revenue projections are based only on 500 barrels per day production and show $45 million in revenue from these five wells.
Mr. V. V. Yurchak, Director of AFON 2010 Ltd commented, "We are pleased to join the QED Connect organization as it gives us greater resources to implement our roll out strategy and be able to develop the full potential of our oil and gas concession in the South Terenyans'ka territory."
Tom Makmann, President and CEO of QED Connect added, "The acquisition of AFON 2010 is our first venture in the oil and gas industry. As previously announced, QED Connect has three other pending letters of intent for the acquisitions of Terra Resources PLC, Kuma Oil and Kyrzyg Alumina. The Company is in process of completing the definitive agreements for these transactions. The natural mineral resources industry presents a high growth opportunity for QED and the potential for increased shareholder value."
The closing date of the AFON 2010 acquisition is 120 days pending final due diligence, approval of any regulatory agencies, and approval of each company's respective board of directors.
QED Connect is continuing its strategy of acquisitions, investments, and strategic business alliances. The Company targets companies that are seeking capital and/or management assistance to execute their business plans. The Company targets businesses that are synergistic with other QED Connect investments and/or present high growth opportunities.
As a result of its continued success in the mergers and acquisitions arena, QED Connect is considering becoming a "business development company" as defined under the Investment Company Act of 1940.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management infrastructure necessary to support the growth of its business; (iii) obtain the financing necessary to complete the acquisition of AFON 2010, (iv) competitive factors and developments beyond the Company's control; and (v) other risk factors.
For More Information Contact - email@example.com Tom Makmann (603) 425-8933
SOURCE QED Connect, Inc.
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.