LIG Assets, Inc. Announces Drilling Permits for West Texas Oil Lease
Lease Improvements and Drilling Work are Expected to Begin in the Near Term With Production Estimates of Up To 800 Barrels Per Day
DALLAS, TX / ACCESSWIRE / January 6, 2015 / LIG Assets, Inc. (OTC Pink: LIGA) (LIGA), today announced the receipt of permits to begin drilling on the company's recently acquired oil lease in west Texas. Work on the lease is expected to begin in the near term with production estimated to reach up to 800 barrels per day.
In October 2014, LIG Assets' wholly owned CP Resources, LLC subsidiary executed an option to acquire lease interest and drilling interest for the 485-acre oil lease located in west Texas.
Up to 12 wells are planned for the lease and are intended to be drilled to a depth of approximately 6,400 feet, possibly encountering potential hydrocarbon bearing formations in the Cambrian, Canyon, and Strawn Formations. These zones have past initial production (IP) rates in the Permian basin region of up to 200 BOPD to 800 BOPD, which could lead to very significant revenue and cash flow from the lease. 3-D and other technologies have been utilized to further define the potential of the lease.
Joint venture partners will share in revenues generated based on their percentage interest purchased from the company's portion of the project.
CP Resources, LLC and West Coast Partners, LLC become wholly owned subsidiaries of LIG Assets, Inc. through a merger transaction announced on September 4, 2014. The primary focus of the merged entity will be to develop its current portfolio of leases for oil and gas reserves on and additional leases as identified.
"With the appropriate permits in place, we are moving forward with the drilling on our west Texas lease," said Anthony Feezel, Vice President of Operations for LIG Assets, Inc. "The initiation of drilling is a significant milestone as it is expected to deliver the first revenues from our oil and gas subsidiaries since the merger with CP Resources, LLC and West Coast Partners, LLC was announced in September 2014."
About LIG Assets, Inc.
In September 2014, LIG Assets, Inc. based in Dallas, TX, a Company focused on residential and commercial real estate, merged with West Coast Partners, LLC and CP Resources, LLC that are also based in Dallas. West Coast Partners and CP Resources are focused on oil and gas exploration and production. These entities currently have over 36,000 acres under lease with geological reports that demonstrate the potential for massive reserves.
LIG Assets, Inc. still plans to expand its residential portfolio and increase commercial property transactions. The real estate division will continue to operate as a separate subsidiary under LIG Assets. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net.
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe", "expect", "should", "intend", "estimate", "projects", variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
CONTACT:
LIG Assets, Inc.
1700 Pacific Ave. Suite 1850
Dallas, TX 75201
214-760-1000
SOURCE: LIG Assets, Inc.
