LEVITTOWN, NY, Oct. 31, 2013 /PRNewswire/ - Far Vista Petroleum Corp (FVSTA, PinkSheets)
The president of the Company has given instructions to its attorneys to study the possibilities of being listed on a higher exchange in both the US as well as in Europe.
The president states," With the new huge discovery of oil as well as with the purchase of the Usink Refinery, our revenues and capitalization will undergo a substantial increase. This will greatly affect our market value and we must be prepared to proceed onto a higher exchange."
The Company recently discovered a huge oil deposit on the border of its territory with that of Lukoil after the latter advised the Company of its discoveries in this immediate area.
Lukoil is Russia's second largest oil producer and is listed on NASDAQ and its stock is trading at $65.28 at yesterday's closing. The president adds, 'Lukoil's listing on NASDAQ was very profitable for them and we foresee a similar path to follow. Based on our assets and reserves, our share price is greatly undervalued on the OTC market and we must look to a higher listing which reflects the true value of oil producers.''
About Far Vista Petroleum Corp
Far Vista Petroleum Corp has business objectives of interacting with Russian operators in the oil/gas industry with the goal of building a vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
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