PLANO Texas, Sept. 6, 2012 /PRNewswire/ -- Globalgroup Investment Holdings, Inc. (PINKSHEETS: GIHI) announced today that its subsidiary Sovereign Oil Corp has completed re-working one existing O&G well and drilling one new well in Kansas.
The initial re-work located on the South West corner of the lease was successful and oil flows are strong and production is expected to be 1-2 bopd. The JV has identified 9 drilling locations in addition to the re-work and has drilled the initial test well on the North West edge of the 400 acre lease. Although sands of 3-4 feet were identified at depths of 350'- 375' it was not as substantial as desired and was capped for future completion. The JV plans to drill or rework up to 10 oil wells by the end of 2012.
Fred Rackers, President of Globalgroup Investment Holdings, Inc., stated, "This completion of the re-work has identified significant opportunities for immediate off-set drilling on the SW section of the lease. The initial two wells in Kansas reflect GIHI's continued commitment to its subsidiary Sovereign Oil Corp.
Upon completing the re-works and drilling on the 10 JV wells, GIHI's petroleum division anticipates annual revenues of approx $300,000.
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.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Globalgroup Investment Holdings, Inc.