Centurion Gold Holdings Expands into Oil & Gas Exploration; Acquires Majority Interest in 130,000 Acres of Oil and Gas Leases in Alaska; Possible Resource of 1.2 Billion Barrels of Oil and 7 TCF of Gas 10/21/05
JOHANNESBURG, South Africa, Oct 21, 2005 (BUSINESS WIRE) -- Centurion Gold Holdings, Inc. (OTCBB:CGHI) the only South African junior gold mining company publicly listed in the U.S., announced today that it has expanded its natural resources exploration and development activities to include the Oil and Gas Sector by entering into an agreement with Escopeta Oil Co., LLC of Houston, Texas. The agreement includes development of 130,000 acres of Leases in the Cook Inlet Basin of Alaska. Centurion and Escopeta intend to drill five Oil and Gas wells in the next two years. Escopeta will be the operator for the program.
Dale Paul, CEO and Chairman of Centurion Gold Holdings commented, "The management of Centurion has recognised what some might call an unprecedented opportunity to develop major oil and gas reserves in Alaska at a time when prices make it attractive to enter the oil and gas business. Centurion has acted swiftly to secure this lucrative agreement to participate with Escopeta in the development of these interests in the State of Alaska. Large reserves of oil and natural gas are available to be drilled upon immediately. Management believes that the Cook Inlet Agreement opens up new financial frontiers for the shareholders of Centurion and if successful could possibly make Centurion one of the stronger independent oil companies in the U.S. Permitting will be filed shortly and Escopeta and Centurion are moving forward to secure a Jack-Up Rig to bring to the Cook Inlet Basin to begin drilling in the Summer of 2006."
The Proposed Drilling Schedule to develop these fields is as follows:
ESCOPETA/CENTURION DRILLING SCHEDULE 1) East Kitchen (Probable Offshore 2.7 TCFG, 457 MMBO) Spring of 2006 2) North Alexander (Probable Onshore .512 TCFG) Winter of 2006-2007 3) Kitchen (Probable Offshore 3.9 TCFG, 829 MMBO) March 2007 4) South Kitchen (Probable Offshore 1.6 TCFG, 125 MMBO) July 2007
About Escopeta Oil Co., LLC:
Escopeta Oil is an independent oil company based in Houston, Texas and holds State of Alaska Leases located in the Cook Inlet Basin, Alaska, known as "The Kitchen Prospects". Escopeta's extensive geological research and state of the art reprocessed seismic data of the Kitchen Prospect area has resulted in Escopeta's management and professionals estimating that the "Kitchen Prospects" could possibly contain recoverable reserves up to 7 trillion cubic feet (7.0 TCF) of Natural Gas and between 435 million to one billion two hundred million (1.2 billion) barrels of oil. The Kitchen Prospect areas are conveniently situated for immediate sale of produced oil and natural gas when the fields come on line. The "Kitchen Prospect" leases in the Cook Inlet Basin are located both onshore and offshore and have been characterised as the "missing giant fields of the Cook Inlet Basin" in a lead article of the Petroleum News, Alaska, August 29, 2004.
The principals of Escopeta hold interests in the 160 million barrel "Cosmopolitan" Field operated by Conoco Phillips in the Cook Inlet Basin, Alaska. Escopeta has demonstrated its Cook Inlet Basin insight in 1995 with a participation in the leases that now comprise a large part of the "Cosmo" discovery.
Centurion Gold Holdings, Inc.:
Centurion Gold Holdings is the only South African junior gold mining company publicly listed in the United States. The Company is executing a roll-up strategy acquiring proven mineral assets, and working towards "growth through acquisition". These mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame, otherwise, such prospects revert to the state, thereby creating never before seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities, and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy. www.centuriongold.com
Forward-Looking Statements:
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.
SOURCE: Centurion Gold Holdings, Inc.
In the United States: MCC Financial Services Leslie Richardson, 310-453-4667 x239 ir*mccglobal.com or Escopeta Oil Co., LLC Danny S. Davis, 713-623-2219 escopeta*swbell.net or In Europe: MCC Financial Services Carrie Howes, +44 (0) 207 408 5406 ir*mccglobal.com
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-------------------- Pennies...Get in, Get out, Get a profit! Posts: 352 | From: Killeen, Texas | Registered: Nov 2004
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Entry into Material Agreement, Financial Statements and Exhibits
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. Centurion Gold Holdings, Inc. (the "Company") entered into an agreement with Escopeta Oil Co., LLC ("Escopeta") whereby the Company agreed to purchase certain oil and gas interests of Escopeta. Centurion paid Escopeta $125,000 for the right to enter into the transaction. The agreement further provides that Centurion will pay an additional $23,875,000 ($17,875,000 in cash and $6,000,000 worth of common stock of the Company) to purchase the assets. The agreement provides for further payments of $28,000,000 to be made by the Company to Escopeta. The Company and Escopeta had no prior affiliation.
FORWARD -LOOKING STATEMENTS This Form 8-K contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Item 9.01 Financial Statements and Exhibits. Exhibit Number Description
posted
Centurion Gold Holdings Receives Zaaiplaats Exploration Permits; Plans to Begin Mining Immediately 11/4/2005
JOHANNESBURG, South Africa, Nov 04, 2005 (BUSINESS WIRE) -- Centurion Gold Holdings, Inc. (OTCBB:CGHI), announced today that it has received exploration permits for its Zaaiplaats tin mine in Limpopo province, South Africa. Having received these permits, the Company intends to immediately commence mining the property. As previously announced, the Zaaiplaats property makes Centurion the largest tin mining company in South Africa.
"As a resource development company we are moving forward with developing our mining assets. Zaaiplaats is a very economically feasible mining property which we expect will yield us cash flows that support our business. Centurion will continue to evaluate which of our properties we will mine immediately and which we can more favorably sell or joint venture with other partners. Our development decisions to either mine or spin out an asset are driven by internal ROI requirements and the best return on shareholder value," stated Centurion Gold Holdings CEO Dale Paul.
Centurion Gold Holdings' Zaaiplaats tin mine is located in the Limpopo province of South Africa, in the northern Bushveld complex. The Zaaiplaats tin mine has produced in excess of 17,000 metric tons of metal. Once fully capitalized it will produce roughly 2,500 tons a year. The mine has agreements with local smelters to buy the tin concentrates to be produced. The processed metal is generally exported to China or used locally in the production of steel alloys. The mine has a probable reserve of 3.3 million tons of minus 3 mm gravity tailings.
Centurion Gold Holdings, Inc.
Centurion Gold Holdings is a resource development company that acquires, develops and mines or spins out natural resource assets. The Company's mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame; otherwise, such prospects revert to the state, thereby creating never-before-seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities, and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy. www.centuriongold.com
Forward-Looking Statements
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.
SOURCE: Centurion Gold Holdings, Inc.
In the United States: MCC Financial Services Leslie Richardson, 310-453-4667 x239 ir*mccglobal.com or In Europe: MCC Financial Services Carrie Howes, +44 (0) 207 408 5406 ir*mccglobal.com
Copyright Business Wire 2005
-------------------- Pennies...Get in, Get out, Get a profit! Posts: 352 | From: Killeen, Texas | Registered: Nov 2004
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posted
yes... this company is a 'scam' to me. sure the CEO and CFO bought insider deals at higher prices. but if u look at the lies behind their numbers its really embarrassing. they always claim to have X Billions of dollars in assets. which are always so bloated. and they always dont have anyway to extract any of that, so now they claim they are gonna buy up land and contract the work out to drillers or interested buyers heh. U would think Exxon mobile can find land on their own. I was interested ffor while when they said they wanted to do were being bought out. the price they claimed was 100% the price at the time heh. and of course it fell apart. i had to watch investors put so much money in and dream of that 100% gain, when i knew it wasnt gonna be that easy. anyway, who knows they mighta cleared up their act. u can always buy and let it sit.
Posts: 36 | From: Philadelphia | Registered: Sep 2005
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posted
Centurion Gold Alaskan Oil & Gas Leases Estimated Potential Value of $4.5 Billion on East Kitchen; Confirmation of Assets Made By Renowned American Petroleum Engineers Prator Bett, LLC 11/14/2005
JOHANNESBURG, South Africa, Nov 14, 2005 (BUSINESS WIRE) -- Centurion Gold Holdings, Inc. (OTCBB:CGHI), a natural resource development company, announced today that it has received the confirmation report for Escopeta Oil & Gas leases, which stated an estimated value at $4.5 billion dollars on the East Kitchen prospect alone. Centurion Gold contracted renowned petroleum engineers Prator Bett, LLC to study the seismic and related geological information on the Cook Inlet leases. The report provided by the independent third party confirmed that in the mid range there is, as per industry standards, a potential of 246 million barrels of oil and 1.20 billion cubic feet of gas, which is considered to be conservatively valued. At the high level, this is substantially more at 933 million barrels of oil and 3.20 billion cubic feet of gas, which was also conservatively valued at $18 billion. Based on the confirmation report, payments have been completed as per the lease agreement.
Prator Bett, LLC is a Houston, Texas, based petroleum engineering consulting company that provides economical evaluations to both public and private companies for year-end reporting to the Securities and Exchange Commission, acquisitions, divestitures, due diligence, estate planning, field studies, budgeting or financing. Prator Bett LLC also provides an independent third party estimate of future reserves and revenues for its clients' exclusive use or for use by its clients' investors or lenders.
Mr. Dale Paul, CEO and Chairman of Centurion Gold Holdings, commented, "Prator Bett is a leading petroleum engineering consulting company, and the fact that their engineers have validated the potential oil and gas reserves at $4.5 billion has given us the confidence to complete and finalize the first two payments to Escopeta Oil and Gas. We currently have two options for Jack up rigs to be contracted to move into the Cook Inlet leases in spring of 2006 and this report further justifies the decision to commit to the large capital outlay for the rigs to drill developmental wells for us."
Mr. Paul continued, "The Cook Inlet project is proving extremely valuable to Centurion, we have four prospects in Alaska: Kitchen, North Alexander, South Kitchen and East Kitchen. East Kitchen on its own has showed a value of $4.5 billion and we believe the other three prospects to be as good if not better as this could well be the biggest Oil and Gas find in North America of recent times. This obviously has generated a lot of interest from public companies, with a focus on Oil and Gas, one of whom we are at advanced stages of negotiations in taking the project forward with Centurion. This is exactly in line with our strategy of acquiring under-valued assets, developing them and, based on the offers that come along, determine the best way to return value to our shareholders through one of three options; holding; developing with a joint venture; or selling the assets and returning a portion of the profits to shareholders."
Prator Bett, LLC
Prator Bett, LLC is a petroleum engineering consulting company providing reservoir-engineering services to its clients. Prator Bett, LLC was founded in 1999 and is located in downtown Houston, Texas, the international energy capital. Prator Bett, LLC specializes in economic evaluations for year-end reporting purposes, oil and gas acquisitions and divestitures, estate planning, filed studies and budgeting. The managing partners of Prator Bett, LLC, M. Drayton Prator, III and Thomas G. Bett together have over 42 years of consulting experience. Mr. Prator and Mr. Bett established the company as a high quality petroleum consulting firm. Prator Bett, LLC provides its service mostly to small to mid-sized oil and gas companies, both public and private, by evaluating oil and gas properties in almost every producing basin in the United States and in several basins worldwide. The evaluation of oil and gas properties usually consists of an assessment of the remaining oil and gas reserves and an estimate of the future cash flow net to the evaluated interest. The goal of Prator Bett, LLC is to grow modestly in the future and to provide high quality service using experienced engineers at a reasonable cost.
Centurion Gold Holdings, Inc.
Centurion Gold Holdings is a resource development company that acquires, develops and mines or spins out natural resource assets. The Company's mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame; otherwise, such prospects revert to the state, thereby creating never-before-seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy. www.centuriongold.com
Forward-Looking Statements
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.
SOURCE: Centurion Gold Holdings, Inc.
In the United States: MCC Financial Services Leslie Richardson, 310-453-4667, ext. 239 ir*mccglobal.com or In Europe: MCC Financial Services Carrie Howes, +44 (0) 207 408 5406 ir*mccglobal.com
Copyright Business Wire 2005
-------------------- Pennies...Get in, Get out, Get a profit! Posts: 352 | From: Killeen, Texas | Registered: Nov 2004
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