LAS VEGAS, March 18, 2016 /PRNewswire/ --
SOMO INC. (OTCQB: SMMO) announces they have entered into a Purchase and Sale agreement with Enterprise Oil and Gas Ltd. a Delaware company, to purchase all of its California oil and gas assets.
"We are very excited to be entering into the new phase of our company. The Esperanza Oil Field has been well managed and shows excellent development opportunities. The field brings to the company immediate production cash-flow along with long term development opportunities." Somo Inc. has acquired the assets by issuing 637,000 common shares. The acquisition is expected to close April 16, 2016
Shane Manning, President of Somo Inc. stated, "We believe now is an excellent time to be acquiring oil and gas assets and will continue to work to develop shareholder value."
The Esperanza Oil Field is located in the Northeastern corner of Orange County. The field was discovered by Shell Oil Company in 1956. Cumulative production from the field is estimated to be 1,371,000 BBLS as of December 1, 2015. The original volume of oil in place is estimated to be 10,500,000 BBLS. The reservoir calculations show that the field's ultimate recovery should reach 24.0% of the oil in place or 2,520,000 BBLS. This leaves nearly 1,084,000 BBLS of oil recoverable by primary methods and provides our company the incentive for additional development drilling.
About Somo Inc.
Enterprise Oil & Gas Corporation is an Oil & Gas production company that emphasizes responsible development of energy resources in a sustainable and responsible manner. The company's vision is to take advantage of North American domestic energy opportunities with a vision to extend into larger scale international energy development.
Safe Harbor Statement
Statements in this press release, other than purely historical information, including statements relating to the exploration potential and future exploration plans and costs constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in oil exploration and development. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company does not undertake to update any forward-looking statements.
SOURCE SOMO INC