posted
I have been watching this stock for the last 2 weeks. They have completed the raising of capital needed to move forward on making more oil & gas aquisitions. Definitly one to watch this week.
Riverbank Moves Closer to Oil and Gas Production
ANAHEIM HILLS, CALIFORNIA, May 24, 2006 (CCNMatthews via COMTEX) -- Riverbank Investment Corp. (OTCBB:RRBK) in conjunction with it's recently announced agreement to acquire an 80% interest in the 640 acres of oil and gas producing assets in Oklahoma near the Texas border, that it is moving steadily closer to getting the Lomis #1 Well back into production. A key part of the agreement required that $200,000 be paid to Halliburton, Boomer Well Service and others to complete putting the first well back into production.
The $200,000 which will enable the agreement to be completed and the production to begin within 60 days has been placed into escrow for this purpose.
"Now that we are inching closer to the day when this property will be producing a very strong positive cash flow to the company," said John Crasta, CEO of Riverbank. "This is a very exciting time for Riverbank as it steps closer to becoming a revenue producing resource company." he added.
About Riverbank
Founded in 1996, Riverbank is a development stage investment company with interests in mining and agricultural land in the Philippines and holds investments in American marketable securities.
This release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the company's publicly available informational reports published with the Pink Sheets. In light of these risks and uncertainties, the forward-looking events described in this release might not occur.
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
