DALLAS, April 26, 2011 /PRNewswire/ -- Arcland Energy Corporation (OTC: ACLY), an independent oil and gas company, is pleased to announce the execution of a Non-Binding Memorandum of Understanding ("MOU") with the Russian company ZAO Neftemontazhspetsstroi ("ZAO") to acquire a 74.99% ownership interest in Kumskaya Neft, LLC ("Kumskaya Neft") a private independent oil and gas exploration and production company in the Russian Federation. The MOU facilitates the terms of the acquisition between the companies and relates to the completion of final exploration and the construction of infrastructure on the Kumskaya Neft oil and gas production project, located in the Khanty-Mansy Region of the Russian Federation. In addition, Arcland will maintain the rights to develop, own, operate and manage a pipeline project reserved for its own oilfields and other targeted areas in the Russian Federation. An updated reserve report related to the Kumskaya Neft project, prepared by Miller & Lents, is expected to be completed before the end of the second quarter 2011.
* Proposed acquisition will create a joint American-Russian oil subsidiary company with two core areas; exploration and production;
* Kumskaya Neft owns 100% of the interests in the targeted areas of exploration;
* 2D and 3D seismic reports are available to delineate additional potential oil and gas structures in the targeted areas.
* P10 resources of 25.17MBmm barrels of oil based on the Miller & Lents independent Reserves Report.
About Arcland Energy Corporation
Headquartered in Dallas, Texas, Arcland Energy Corporation (OTC: ACLY) is an Oil & Gas exploration, exploitation and Production Company. Arcland Energy will invest its capital to enhance and extend existing conventional and unconventional hydro-carbon plays and to participate in emerging unconventional resource trends. Our primary goal is to increase the value of acquired properties through increasing production and proven reserves in a short amount of time. Forward-Looking Statements: The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible" and "seeking" and similar expressions identify forward looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
SOURCE Arcland Energy Corporation