PLANO, TX, June 3, 2013 /PRNewswire/ - Santa Fe Petroleum, Inc. (OTCBB: SFPI) announced today that the management team continues to work diligently towards achieving its business plan to move from an exploration stage oil and gas company to a producing entity. Thus, the Company's current primary focus is the acquisition of producing oil & gas properties with additional drilling acreage to increase the Companies revenue income and asset base.
According to Tom Griffin, CEO and Chairman of the Board of Santa Fe Petroleum, Inc., "We remain focused on securing capital to utilize for deploying across our system, generating strong returns and delivering the positive results our shareholders expect. We look forward to achieving solid production and long term reserves with our existing leases. However, our current primary focus is the acquisition of existing oil producing projects with substantial additional acreage for ongoing drilling, thus additional possible production revenue for the Company. We believe that the income from the acquisitions along with successfully drilled projects will become a spring board for additional larger production acquisitions, thus ongoing income growth and the expansion of our asset base."
Santa Fe has always maintained a policy of stringent guidelines for the selection of its drilling projects to reduce the risk as much as possible, although there is no guarantee of a 100% success rate; Santa Fe's commitment to its stock holders is to maintain the highest possible standards for the selection of its projects.
The Company recently filed it first quarter financial report for 2013, its 10-Q, thus maintaining timely filing of all its reporting procedures as is the Company's policy.
About Santa Fe Petroleum Inc.:
Santa Fe's Management has over 50 years of combined oil and gas development and production experience and plans the acquisition of production projects as well as bringing its current leases into production as soon as possible.
This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.
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.