Transworld Oil and Gas Ltd. Announces Acquisition of Twenty Percent Net Interest in Private Oil Producer Friday October 7, 8:00 am ET
HOUSTON, TX--(MARKET WIRE)--Oct 7, 2005 -- Transworld Oil and Gas Ltd. (Other OTC:TWOG.PK - News) announced today that it has acquired a 20% net interest in a joint venture that has 175 million barrels of proven oil reserves along with an estimated 1.8 billion cubic meters of gas reserves. Estimated bed depth of hydrocarbons on the 54,093 square kilometer property is 350 - 520 m below the surface. ADVERTISEMENT
Production is expected to be increased from present levels to a projected 1,000,000 barrels per month and further exploration will take place to delineate total unproven reserves. The company has negotiated a direct interest, rather than an indirect interest via an equity interest, which it believes to be most beneficial to its shareholders. Transworld's interest will be net of all additional costs of exploration.
About Transworld Oil and Gas Ltd.
Transworld Oil and Gas Ltd. intends to become a worldwide company specializing in the extraction and production of oil and gas. The company's vision is to establish and enhance the company's foundation for future growth by developing properties that provide a balance between short and long-term reserves in both the oil and natural gas markets. Oil and gas related activities will include acquiring additional properties with potential for development and drilling. The company will work to establish and maintain a significant inventory of undeveloped prospects. The company's emphasis is on production, cash flow and reserve value by exploring for, developing, and purchasing oil and gas properties worldwide.