International Oil & Gas Holdings Corporation Acquires Over 3,500 Acres of Proven Reserves Valued at Over $500 Millionadmin
International Oil & Gas Holdings Corporation , a diversified holding company with joint ventures in the energy, technology, insurance, real estate and security sectors, announced today the signing of a Joint Venture Agreement with Pacific Asian Atlantic Foundation.
The Joint Venture Agreement with Pacific Asian Atlantic Foundation will allow IGHL to acquire 50/50 partnership in a 3,525-acre parcel located in Putnam County, Tennessee.
The Pacific Asian Atlantic Foundation (http://www.paafoundation.org) is a non-profit international humanitarian organization that is currently headquartered in California and is responsible for developing humanitarian projects throughout the world. The Foundation has a proven oil and gas reserve renewable leasehold assignment to March 16, 2015 on a 3,525-acre parcel located in Putnam County, Tennessee.
A volumetric study and geological appraisal of the value was completed on May 3, 2005, and it placed a minimum assessed net value of $567,935,000.00 on the oil and gas reserves. The appraisal assumed $20.00 per barrel for oil and $3.00 per thousand cubic feet for gas. The report is calculated with a minimum accuracy of 90%. The Tennessee project will require the drilling of a minimum of nine wells to the approximate depth of 6,200 feet. Funding for commencement of this project is in its final stages of completion.
“With this addition to International Oil & Gas Holdings, our shareholders will benefit from increased asset value and income from our 50/50 joint venture. A re-appraisal of the property using more current market pricing is expected to be completed within the coming weeks and should give a significant increase to the valuation to the property,” stated Mr. McAllister.
About International Oil & Gas Holdings Corporation
International Oil & Gas Holdings Corporation (IGHL) is a holding company that partners with high-growth, profitable companies with great potential and powerful synergies while providing financial and/or management services to its Joint Venture partners and/or its subsidiaries. IGHL’s primary focus is in the oil and gas energy sector. The company also has investments in energy technologies and insurance that give it a unique position in the market. Additionally, the company has diversified its investments by working with real estate and security companies that have synergies with its energy and insurance projects. The company is a full service petroleum distributor operating in business, government, and industry markets. The company is headquartered in Las Vegas, Nevada and its affiliates have offices in Dallas, Texas, Colorado and Southfield, MI.
Please visit the Company’s website at: http://www.ioghc.com.
Forward Looking Statements:
Statements about the Company’s future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The Company’s actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; the Company will appropriately inform the public.
Redwood Consultants, LLC
Jens Dalsgaard, 415-884-0348
Source: International Oil & Gas Holdings Corporation