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Just recieved a billion dollars in financing!
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June 01, 2005 08:57 AM US Pacific Timezone
Sahara Petroleum Exploration Corp. Contracts for USD$980,000,000 Loan With Diamond Ridge
NASSAU, Bahamas--(BUSINESS WIRE)--June 1, 2005--Sahara Petroleum Exploration Corp., confirmed today that it has received a new loan commitment from its financier Diamond Ridge for USD$980,000,000.
The loan in the amount of nine hundred and eighty million United States dollars bears an interest rate of 6% per annum payable annually and is made against a promissory note, which is due and payable on May 25th, 2015. The funds are to be used to fund the expansion of Sahara Petroleum Exploration Corp.'s primary business which is oil and gas exploration and development in Libya and Sub Saharan Africa. Sahara has benefited from the company's founders many years experience in Libya, Africa and the Middle East, and is now in a position to realize these opportunities.
To facilitate its growth Sahara Petroleum Exploration Corp. signed a consultancy contract with the Vetra Group A.V.V. in March 2005, and appointed Mr. Humberto Calderon Berti, Mr. Karl Mazeika, Mr. Alfredo Gruber and Mr. Iker Anzola to its advisory board. Mr. Calderon Berti is former President of OPEC, President of Petroleos de Venezuela, S.A., Minister of Energy and Mines and Minister of Foreign Relations. Mr. Karl Mazeika is former Vice President of Pequiven and member of the Board of Directors of several of its joint ventures. He has also acted as Executive Director of Exploration, Production and Upgrading, and Vice President of Petroleos de Venezuela, S.A.
Given the availability of these funds Sahara Petroleum Exploration Corp. is now in final negotiations with several exploration and production partners with a view to contracting an E & P partner for Sahara's oil and gas opportunities in Africa.
Sahara Petroleum Exploration Corp. intends to become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading.
Sahara Petroleum Exploration Corp. was initially formed as a subsidiary of Global Environmental Energy Corp. (OTCBB:GEECF) (FWB:LFT). Global Environmental Energy Corp. maintains a web site at http://www.globalenvironmentalenergy.com/index.htm.
Sahara Petroleum Exploration Corp. intends to become a fully integrated energy company whose interests will include traditional oil and gas exploration and development.
Note to Investors:
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding Sahara Petroleum Exploration Corp. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.
Sahara Petroleum Exploration Corp. assumes no obligation to update the information contained in this press release. Sahara Petroleum Exploration Corp.'s future results may be impacted by risks associated with rapid technological change, new technological developments and implementations, execution issues associated with new technology, manufacturing production to meet demand, litigation, media publicity and the negative impact this could have on sales, competition, financial and budgetary constraints of prospects and customers, international order delays, dependence upon limited source suppliers, fluctuations in component pricing, government regulations, dependence upon key employees, and its ability to retain employees. Sahara Petroleum Exploration Corp.'s future results may also be impacted by other risk factors listed from time to time in the company's disclosures.
Contacts
Sahara Petroleum Exploration Corp., Nassau Dr. C. A. McCormack, 877-723-6315
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