Geology from Operator Old Texas Land and Energy Company Predicts Recovery of 697,000 Barrels of Oil
SAN DIEGO, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Ziyen Energy has announced they have acquired a second acquisition in exchange for ZiyenCoin. This time acquiring a 2% Non-Operated Working Interest of a project to be operated by Old Texas Land & Energy Company.
Priour Prospect is in the Saxet Oil Field which has produced over 100,000,000 barrels of oil from approximately 40 separate reservoirs. The field was developed in the late 1930’s producing an approximate 17,000 barrels of oil per day.
Wayne ‘Ozzie’ Rea III, President of Old Texas Land & Energy Company stated:
“The geology from the lease is looking at a recovery potential of 697,000 barrels for the Priour Prospect. I have been producing oil in Texas for over 20 years, and my father, Wayne L. "Sandy" Rea II has been operator in Texas 20 years before that, and we have a track record of delivering results. In our opinion this is a low risk deal. I have been following the Oil Blockchain space now for 3 years, having developed a smart contract in the past and I’m looking forward to working with Ziyen on this project and many more.”
Alastair Caithness, CEO Ziyen Inc. stated,
“This is another milestone for the company and it is exciting to partner with a Texas Oil Operator on our biggest project of the company to date. This project will increase the value of ZiyenCoin. We are now also moving into a model of acquiring non-op working interests in projects. Once Ozzie drills the well and moves the project into production, then we will tokenize the financial asset of Priour Oil Project on the blockchain, which will help to provide liquidity to Ziyen Inc. but also all the other investors in the project, which is the goal of our blockchain platform”
Learn more about Ziyen Inc. and ZiyenCoin by reading our 2019 Ziyen Inc. Corporate Overview.
About Ziyen Inc.:
Ziyen Energy. is a technology-driven energy company incorporated in the State of Wyoming, U.S.A. in April 2016. Originally formed as a software company providing information on the oil, gas, power and energy sectors, Ziyen specializes on business information, contracts, news and information by developing cutting edge procurement and supply chain software to provide clients with intelligence on industry specific government and private contracts. In addition, Ziyen Energy currently owns interests in 18 oil assets based in the Illinois Basin, which covers Illinois, Indiana and Kentucky. The equity of Ziyen Energy has been tokenized and issued as ZiyenCoin which is offered for sale as a Security Token pursuant to SEC Rule 506(c) of Regulation D. In October 2019, Ziyen Energy announced the first acquisition of Oil and Gas Lease, 241 Acres in Rains County, Texas in Exchange for 2,300,000 ZiyenCoins.
For more information visit www.ziyen.com.
Forward Looking Statements:
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC- specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.