Sebastian River Holdings, Inc. ( SBRH ) announces today (12/17/2012) that it is in late-stage discussions to joint venture with a company focused in Oil & Gas to participate in a rework/drilling program in Eastern Pennsylvania with proven oil reserves.

Sebastian executives are confident that, once effected, the deal will lead to near-term revenues for the company as well as assets that have potential to generate growth for the long-term. Further, it is important to note that this deal is pending a finalized agreement between the parties involved, including the Operator in Pennsylvania. Sebastian looks to expedite this initiative before the end of Q4 and is currently evaluating various funding options available with a commitment to select a means that will best maximize shareholder value.

As well, the company is working with counsel and previous management to actively settle and/or pursue the assets assigned by The Nuemark Group, including debentures and equity stakes in other companies as part of an overall assessment of initiatives set forth by previous management to ensure a strategy for empirical growth.