AUSTIN, Texas, March 29, 2011 /PRNewswire/ -- Fossil Energy, Inc. is pleased to announce that it has secured $6,000,000 in project financing through Petro Lucre's efforts to fund drilling operations in the Swan Hills, Alberta Canada project.
The prospect consists of two leases comprising a total of 640 acres. The prospect section is in an ideal up-dip location in close proximity to other wells drilled and produced by Shell Canada in the Caroline Swan Hills Field. Production data, and reservoir monitoring by Shell Canada further affirms the viability of this project. When Shell Canada unveiled the extent of its discovery at Caroline, it was the largest oil discovery in a decade or more.
"We have been very pleased with our association with Fossil Energy, Inc. due to their years of experience in the oil field as well as track record for successful projects, both reworks and new drilling opportunities. We look forward to continuing to work together to mutually develop these opportunities for our clients and contacts," stated John Mink, General Manager of Petro Lucre LLC.
Petro Lucre LLC is a US-based oil industry consulting and vertically integrated investor relations firm that works with private and public oil & gas companies to meet their financing, merger, acquisition and development goals. Find out more information here: Corporate site: http://PetroLucre.com Investor site: http://TurnKeyOil.com.
Fossil Energy, Inc. CEO, Paul Grady said, "We began working with Petro Lucre LLC in 2010 due to their extensive investment resources and contact database. Petro Lucre LLC was highly recommended and has since provided consulting and introductions that have lead to successful transactions in the past as well as currently."
Fossil Energy, Inc., is a privately-held oil and gas exploration, drilling and operating company from mature onshore U.S. oil fields with headquarters in Lakewood, Colorado. The Company purchases mineral leases, explores, develops, produces, and sells crude oil and natural gas. Fossil Energy currently has operations in Wyoming, Nebraska and Kentucky.
This is not an offer to buy or sell securities. Oil investment carries with it very high risks. Do your own due diligence and consult with a licensed professional before making any investment decisions. The full disclaimer is available here: http://www.petrolucre.com/Disclaimer.html
Petro Lucre LLC
SOURCE Petro Lucre LLC