TORONTO, ON - (NewMediaWire) - November 19, 2015 - Boomerang Oil, Inc. (the "Company" or "Boomerang") (CSE: BOI) (FSE: 0B9) today announced that it is in financing negotiations with a private oil financing firm. The scope of the financing would allow the Company to drill up to 4 wells including Ellenburger to 8300 feet, Waddell to 7800 feet and Wolfcamp to 6300 feet as part of its J.B. Tubb property agreement.
The J.B. Tubb property is a multiple-pay horizon lease package located in Ward and Jones Counties, Texas and a part of the Sandy Hills Crawar Field (Tubb) strata / horizon noted as one of the highest producing Permian Basin oil fields since 1993.
"The significant drop in Oil pricing in the past year certainly put a hold on financing the development of Oil fields, however there now seems to be renewed interest for worthy projects like our Ellenburger targets," said Boomerang Oil's CEO Dennis Alexander, who added, "We will announce the terms and source of this financing once all parties have signed off on the binding term sheet that is currently under negotiations."
The Company is an oil and gas producer engaged in the acquisition of oil and gas properties and assets principally within the United States of America. The Company is currently operating within Texas and has a compliant NI 51-101 Reserve Estimate. The Company's business model is to acquire existing oil fields with proven reserves and to rehabilitate oilfields with potentially high throughput.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
THE CSE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K.