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Cheyenne, WY, November 16, 2021 (GLOBE NEWSWIRE) – Sino American Oil Company, (OTC PINK: OILY) ($ OILY), an emerging oil and gas exploration company, is pleased to announce that it has signed a letter of intent with Estacado Energy , LLC.
The Sino American Oil Company team has worked diligently to find and secure a producing oil asset that has significant potential for creating value for the company and its shareholders. The company located and completed a due diligence on the Piave Oil Field in Texas, about 3 hours north of Austin, TX.
After the Sino American Oil Company spent time evaluating the assets and speaking with their current operations team, the Sino American Oil Company entered into a letter of intent with Estacado Energy, LLC to purchase a controlling interest less any gross Override interest currently in existence in the Throckmorton County, Texas Oil, completed field along with all property-ion surface wellbore equipment and current inventory of oil in tanks as well as 320 acres if leases.
“We are very excited to acquire this asset and gain a valuable operating partner in the Texan oil market. Not only does this acquisition bring with it current well production, but the positive results from the certified geological reports also show remarkable potential, ”said Kim Halvorson, CEO of Sino American Oil Company. “We look forward to working closely with Estacado Energy, LLC to realize the full potential of our Texas investment,” commented Kim Halvorson, CEO of Sino American Oil Company. “
The proposed transaction is structured as follows; The purchase price is $ 600,000.00 and is payable as follows: $ 25,000.00 upon conclusion / signing of a definitive agreement, $ 125,000.00 payable on or before January 6, 2022, $ 250,000.00 payable on or before January 1, 2022 March 2021 and $ 200,000.00 jointly SEC 144 shares of Sino American.
The geological reports for this oil field are known to show 774,498 barrels of oil, likely 623,038 and possibly 456,118 for a potential total of 1,853,654. This equates to a valuation of $ 36,668,812.00.
“The Sino American Oil Company was the right management and partner for the next phase of our development of the Piave oil field in Throckmorton County, Texas. The oil field includes above-ground downhole equipment and current oil inventory in tanks and 320 acres when leases are ready to be explored and drilled, “commented Dennis Eubanks – Founder of Estacado Energy, LLC.”
An additional $ 50,000.00 will be advanced on or before January 6, 2022 as a capital contribution to operations to recompletion of existing wells and to increase ongoing production of other existing wells.
The company is actively trying to raise funds to build on this asset to expand into more exciting projects if further funding allows.
ABOUT ESTCADO ENERGY, LLC
Estacado Energy, LLC is a Texas-based oil producer and operator that has been led by Dennis Eubanks for over twenty years. Dennis Eubanks has been an Owner Operator in the Texas Oil Business since 1977 and works with Estacado Energy to oversee several projects in the region.
ABOUT SINO AMERICAN OIL COMPANY:
Sino American Oil Company is a Wyoming incorporated company; Publicly traded company listed on otcmarkets.com and identified by the ticker symbol OILY. The company is an oil and gas exploration company engaged in the valuation, acquisition, exploration and development of materials and properties in the southern United States.
FORWARD LOOKING STATEMENT:
Safe Harbor Statement – In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 Any forward-looking statements contained therein include the intentions, beliefs or expectations of the company and members of its management team with respect to the future business of the company and the assumptions on which these statements are based. Potential investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results could differ materially from those anticipated in such forward-looking statements. Factors that could lead to these differences include, but are not limited to, failure to negotiate expected sales, lack of sales growth, customer engagement, failure to see improvements in performance, efficiency and profitability, and adverse developments in Regarding litigation or increased legal costs, the operation or performance of the Company’s businesses, or the market price of its common stock. Additional factors that could cause actual results to differ materially from those reported in this press release can also be found on the company’s website. The company disclaims any responsibility to update any forward-looking statements.
Signed.
/ S / Ms. Kim Halvorson, CEO / Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Sino-American oil company
IR CONTACT: Kim Halvorson
OTC markets: https://www.otcmarkets.com/stock/OILY/overview
Website: https://sinoamericanoil.com
Email: IR@sinoamericanoil.com
Twitter: https://twitter.com/otc_oily
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$ OILY – SINO AMERICAN OIL COMPANY SIGNS MOU WITH ESTACADO ENERGY, LLC
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$ OILY – SINO AMERICAN OIL COMPANY SIGNS MOU WITH ESTACADO ENERGY, LLC
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https://www.globenewswire.com/news-release/2021/11/16/2335098/0/en/SINO-AMERICAN-OIL-COMPANY-SIGNS-MOU-WITH-ESTACADO-ENERGY-LLC-FOR-PURCHASE-OF-OIL-PRODUCING-PROPERTY-IN-TEXAS.html
