LAS VEGAS, NV / ACCESSWIRE / May 6, 2015 / Solo International, Inc., ("Solo International" or "the Company") (SLIO), is pleased to announce its lease acquisition of 597 +/- acres of possible oil bearing property in Monroe County Kentucky and Clay County Tennessee. The Company and the land owner have agreed to a 100% working interest with an 80% net revenue interest payable to the Company in exchange for a cash purchase price of $25,000 USD payable within 90 days of the execution on the agreement. There is also current production on abutting properties.
Oil Production in both Kentucky and Tennessee is of relatively low cost for drilling and operation as most oil deposits are quite shallow, in and around 1200 to 2000 feet. Oil production in Kentucky in 2014 reached over 3.3 million barrels.
Michael Smith CEO of the Company states, "We believe that with the decline in oil prices over 2014 and recent increase of oil prices in the first quarter of 2015, it makes an excellent opportunity to acquire these quality leases that are now selling for a fraction of the price no more than 6 months ago. These low prices may allow us to establish and partially develop a significant land position prior to any meaningful rebound in oil prices."
Mr. Smith continues, "We believe diversification in today's market place is key to success. We will continue with our present directive on our REE leases but given this opportunity we will over the next quarters move forward with the acquisition and development on this and other oil properties in the Kansas and Tennessee regions."
The Company looks forward to releasing more details as they become available.
About Solo International Inc.
Solo International is an exploration and development mining company with a focus on deposits of rare earth metals and rare earth elements (REEs). The Company is focused on the acquisition, exploration, production, development and potentially, the operation of mining properties in strategic bulk mineable industrial metals (such as REEs, Titanium and Phosphates) sectors of eastern Canada. All of the Company's properties are currently at the exploration stage in Quebec. For further information please visit the Company's website at www.solointernationalinc.com.
This release contains forward-looking statements that reflect Solo International, Inc.'s plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal," and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
SOURCE: Solo International, Inc.