PLANO Texas, Oct. 17, 2012 /PRNewswire/ -- Globalgroup Investment Holdings, Inc. (PINKSHEETS: GIHI) announced today that its subsidiary Sovereign Oil Corp has recorded successful drilling results from an additional new well in Kansas. The following is the geologist report:
The Robbins well #020 is a vertical well drilled 825 feet south and 825 west from the northeast corner of section 31 in Township 21s, Range 24e, Linn County Kansas. This well was successfully spudded October 3, 2012. Surface casing is set to 20 feet below ground level. Further cuttings sampled at all sands present. Casing was set to a depth of 450.75 feet. The primary objective was the Bartlesville Sandstone, with secondary objectives are in the Peru, Squirrel, and McClouth sands. The 18 feet of oil sand in the Bartlesville exhibited a superior show of oil with a good bleed into the sample containers. The Squirrel sand contained oil in the lower five feet. In the upper section, there is plentiful gas. Cuttings sampled from the upper interval bubbled as they were collected, and drillers mentioned that gas could be seen escaping from the wellhead. It is very high-quality sand, with a thickness of 29 feet.
Fred Rackers, President of Globalgroup Investment Holdings, Inc., stated, "This geological report on the successful drilling of the Robbin's lease well #020 with 29' of sand present in the Bartlesville pay zone in Kansas demonstrates GIHI's expected return on investment from its subsidiary Sovereign Oil Corp." Mr. Rackers continued, "This successful drilling allows the company not only benefits from its assets in our subsidiary O&G division but will permit GIHI to continue our investment in the KS region."
Upon conclusion of Robbin's #020 drilling and completion, GIHI's petroleum division expects improved annual revenues from the KS well of approx $50,000.
About Globalgroup Investment Holdings, Inc.
Globalgroup provides a viable online shopping alternative for fiscally challenged consumers by offering quality name brand products at affordable prices, regardless of household income, through credit alternatives and time-payment options. Globalgroup also offers technology solutions such as GlobalLOK™ that address the computer payment collection challenges associated with rent to own, pay as you go and no-credit-check computer markets, and in other industries where remote PCs and laptops are deployed. Sovereign Oil, a wholly owned subsidiary, has its emphasis on oil and gas exploration, drilling, and well completion.
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Contacts: Globalgroup Investment Holdings, Inc.
SOURCE Globalgroup Investment Holdings, Inc.