CGrowth Capital Provides Update on Bahamian Petroleum Project and Corporate Activity
CGrowth Capital, Inc. (OTC Pink: CGRA) has provided an update on its Bahamian Petroleum Project, encompassing over 8,000 acres of land leases. WBS Organization is mobilizing teams to handle necessary property amalgamations and permit transfers, potentially delaying the Letter of Intent's closure into 2022. The Company is also preparing to file a Tier 1 Regulation A offering and commission a Competent Persons Report on its oil assets in Wyoming. The project aims to explore significant oil reserves, with estimates indicating 1,600 million barrels of undiscovered oil resources based on a USGS assessment.
- The Bahamian Petroleum Project covers over 8,000 acres, indicating substantial land assets.
- WBS Organization's involvement may facilitate project initiation and exploration efforts.
- Potential oil reserves in the Bahamas are estimated at 1,600 million barrels, offering lucrative prospects.
- The Letter of Intent's closing may extend into 2022, indicating potential delays.
- Corporate actions such as shifting liabilities may create uncertainties in financial stability.
BREMERTON, WA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") is pleased to provide shareholder with an update on the Bahamian Petroleum Project (the “Project”) previously announce in November. The Project includes the rights, title and interest in long-term leases of land situated within the Bahamas (in excess of 8,000 acres) at the target site and necessary one-off project specific Government Permissions.
The WBS Organization (“WBS”), a multinational business services organization specializing in funding, collateralization, and associated services, which holds the rights to the project and has executed a Letter of Intent with the Company, has mobilized their US and UK teams to the Bahamans to begin arranging for the necessary property amalgamations, organizational transfers, notifications, and permit transfers. The timing and extent of the permissions and transfers required are expected to extend the closing of the Letter of Intent into 2022.
The Company is working concurrently on the necessary corporate actions to be poised for action heading into 2022 and in conjunction with the completion of the Project approvals. Those actions include the shifting and/or divesture of certain liabilities and assets, the filing of a Tier 1 Regulation A offering, and the commissioning of a 51-101 Competent Persons Report on the Company’s West Salt Creek oil assets in Wyoming (a new report). The new report is being made possible through the Company’s newly announced business relationship with Stallion Energy Group.
The Project is to encompasses further seismic research on a 3D basis in the Project zone, quantify oil availability and projected reserves, and set up infrastructure for the further extraction of oil, by incorporating potential in the Bahamas. The Project zone includes an area where Proton Magnetic Imaging was performed in 2018 which indicated oil reservoir shows under the target area in The Bahamas to be the same as that of the Venezuela Orinoco Oil Belt. The USGS 2012 petroleum assessment of the Bahamas Platform estimate total undiscovered resources at the P50 level of approximately 1,600 million barrels of oil, 2,000 BCFG and 126 million barrels of natural gas liquids. With successful advancements in exploration, production, and exporting of oil over multiple Caribbean Island the prospect of a successful Bahamian project is exciting.
Further announcements and updates will be made by the Company in the coming weeks either through traditional press releases or its Twitter platform.
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. The Company continues to serve as an alternative asset management company for businesses and assets focused on all aspects of mining, minerals, exploration, and commercial real estate. The processing of metal ore mining, mineral and specialty rock extraction, as well as oil and gas production, are multi-billion dollar market opportunities which is capitalized on through processing, sales, contracting and licensing of assets. CGrowth Capital’s services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold, silver, oil and gas, and dolomite to market. CGrowth Capital will focus on acquiring land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of operations.
For more information and updates about CGrowth Capital, follow the Company on Twitter @CGRAOTC, or visit their website or Facebook page:
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Investor Inquiries:
CGrowth Capital, Inc.
info@CGrowthCapital.com
Safe Harbor
Statements about the Company's future expectations 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 that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
Source: CGrowth Capital, Inc.
FAQ
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