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IGDC's First Nation Natural Gas Field Development Moving Forward Monday June 20, 12:57 pm ET Initial Review of Seismic Analysis Positive
SAN FRANCISCO--(BUSINESS WIRE)--June 20, 2005--Indigenous Global Development Corporation, the first majority owned and publicly traded Native American company in the U.S. (OTCBB:IGDC - News) today announced that its subsidiary company, First Indigenous Depository Company (FIDC) completed its initial seismic analysis of the Sweetgrass First Nation reserve lands to determine the potential of hydrocarbon deposits and is very pleased with the results. FIDC signed a historic contract with the Sweetgrass First Nation to begin development of the Nation's natural gas fields and, given the positive initial results, expects to drill test wells this fall. The contract is historic because it represents the first time a Canadian First Nation will be a majority owner and developer of its own natural resource. FIDC will provide the financing, technical assessment and drilling expertise for this sovereign nation to sovereign nation venture. There is a potential for natural gas revenue of approximately $20 to $90 million per year when the final analysis identifies the number of wells to be drilled.
The Sweetgrass First Nation encompasses 49,000 acres of Reserve Land and over 4,100 acres of Treaty Land Entitlement lands and is located just west of the town of North Battleford in the Province of Saskatchewan.
"We are pleased with the results of the seismic analysis," said Deni Leonard, Chairman of CEO, First Indigenous Depository Company. "We have some additional work to complete but look forward to beginning the drilling in the fall."
About Indigenous Global Development Corporation
Indigenous Global Development Corporation (IGDC) is the first majority owned publicly traded Native American corporation. IGDC's goal is to provide strategy, financial and investment tools to deliver economic development, empowerment and financial self-sufficiency for Native Americans across the U.S. and for indigenous people worldwide. Investment financing, tribal energy creation and pharmaceutical development for Native American communities are its primary tools to create positive change in Indian Country. Its parent company is United Native Depository Corporation. You can find more information about Indigenous Global and First Indigenous Depository Company at www.igdc1.com and at www.fidc1.com.
-------------------------------------------------------------------------------- Contact: Indigenous Global Dev. Corporation John Mejia, 415-283-4757 johnm@igdc1.com
I have been in this stock for a while now. I have 20,000 shares purchased at 2 occasions so I am partial to this. I work on Fuel Cell Testing for GM and I know how big the push is for Natural Gas. Natural Gas is the current front runner for making Hydrogen. Honda has a Fuel Cell vehicle ready to come out. There is going to be a big push for a hydrogen station infestructure which will require natural gas to make the hydrogen. The indian reservation land will be able to be tapped at will without environmentalists and limited outside government laws. I just think if they can get wells going that this stock could fly. It is kind of ironic that there is such a big push for hydrogen and we will need natural gas to make it (until an improved technology can produce it efficiently) and the Middle East contains approximately 66% of the worlds natural gas reserves. So much for removing our dependance of the Middle East.
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