PLANO, TX, Nov. 2, 2012 /PRNewswire/ - Santa Fe Petroleum, Inc. (the "Company") (OTCBB: SFPI) announced today it has begun the process of the fracing/completion of its Test Well in central Texas.
Tom Griffin, the Chairman of the Board of the Company stated, "With the success of our recent capital raise, we have moved forward with the sand/slick water fracing process of our Test Well Project which was performed Wednesday morning, October 31st. We will begin a gradual flowing of the well to remove the water over the next few days and into next week before we have our anticipated oil flow results".
The Company plans to drill additional production wells across the project area on acreage already leased and to continue the leasing of additional acreage.
Additionally and in conjunction with the recent successful capital raise, the Company has introduced two new offerings to facilitate raising capital in order to fulfill its drilling plans and leasing efforts in the area of the Test Well Project. The new offerings should provide sufficient capital for the Company to execute its business plan to develop its leased acreage and add value for its shareholders. For more Company information, please visit http://www.sfpetroleum.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
SOURCE Santa Fe Petroleum, Inc.