CARSON CITY, NV – Buckeye Oil & Gas (OTCBB: BOIG) is a publicly traded company with a focus on generating near-term cash flow through strategic partnerships that involve Buckeye in conventional oil projects in a non-operating role.
“Being a non-operator is an advantageous position for our company,” said Buckeye president Pol Brisset, “It allows Buckeye to engage in quality and impactful projects without high capital expenditure.”
To date, Buckeye’s leadership has raised a total of $600,000 in two rounds of private placements.
On August 26, 2011, Buckeye closed a private placement of 1,800,000 common shares at $0.25 per share for a total offering price of $450,000.
On February 15, 2012, Buckeye closed a private placement of 300,000 common shares at $0.50 per share for a total offering price of $150,000.
Buckeye’s current portfolio includes oil projects in the Peace River Arch region of northern Alberta.
The Valhalla Property consists of 192 hectares (480 acres) located in the Peace River Arch area of northern Alberta, Canada. August 2011 marked the completion of Buckeye’s first well on the Valhalla Property. Core from the well had visible oil which is usually indicative of future success. Oil production from the Valhalla Well was initiated at the end of September 2011. However, oil production from the well has been limited as the well has been plagued by water issues. Buckeye is working with its partner to try to resolve the limited oil production to date.
“Based on industry standards, core results are normally considered conclusive,” said Pol Brisset. “We are diligently working with our partner to resolve the issue, but there is a strong indication a significant amount of oil exists on the Valhalla Property.”
The Spirit Rycroft Property is 256 hectares (640 acres) and is also located in the Peace River Arch area of northern Alberta, Canada. Buckeye commenced its drill program on the Spirit Rycroft Property in August 2011 and is now in the process of completing the pipeline that will allow oil, gas and liquids from the property to be sold.
Buckeye owns a 28% working interest in both the Valhalla Property and the Spirit Rycroft Property.
Buckeye’s working interest applies to the entirety of each respective property, and not just the well itself.
This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Buckeye’s filings with the Securities and Exchange Commission which may be accessed through the SEC’s web site at http://www.sec.gov.
Buckeye Oil & Gas, Inc.
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