Sebastian River Holdings, Inc. ( SBRH ) announces today 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.