Greater Sooner Holding, Inc. Completes Delivery on LOI Terms for Clayton Field Project and Announces a New South Texas Project Valued Over $250 Million Monday April 24, 7:00 am ET Revenues from Oil and Natural Gas Sales Expected to Company in May
HOUSTON--(BUSINESS WIRE)--April 24, 2006--Greater Sooner Holding, Inc., (OTC:GSNH - News) is pleased to announce that the Company has satisfied the financial terms of its Letter of Intent (LOI) to acquire the Operating Rights and Lease Assignments in the Clayton Field, Live Oak County, Texas. With the closing of this transaction, the Working Interest and Net Revenue Interest transfers from the current operator to the Company. Revenues from the Clayton Field oil and natural gas sales will flow to the company by early May after accounting transfers are completed. ADVERTISEMENT
Greater Sooner Holding today announces the intent to develop a South Texas property consisting of an area of mutual interest of approximately 100 square miles. This area of South Texas is known for producing hydrocarbons from multiple objectives. Additional information will be made available upon the evaluation of the existing 3-D seismic data and the acquisition of key leases. Probable Reserve Value is estimated to be in excess of over $250 Million.
Russell F. Krauss, CEO of Greater Sooner Holding, said, "We are very pleased to close the Clayton Field acquisition so that we can begin to report revenue to shareholders generated by oil and gas production. Adding to our interests will solidify our future expansion with the next South Texas exploration and development project."
About Greater Sooner Holding, Inc.
Greater Sooner Holding, Inc. is a crude oil and natural gas exploration and production company with operations in Houston, Texas. The Company executes a repeatable business model to generate cash flow by reworking existing operating wells with proven reserves and using the proceeds to drill new and deeper wells in the target project area.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the potential for additional customer growth from acquired operations and additional opportunities for growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Greater Sooner Holding, Inc.
Contact: LC Group Rick Lutz, 404-261-1196 lcgroup@mindspring.com
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