DKGR .0004 news! Drake Gold Resources Inc. (OTC
KGR) announces Parker Technologies LLC as a Joint-Venture Partner
Drake Gold Resources Inc. is pleased to announce Parker Technologies LLC as its Joint Venture partner. After an extensive Due Diligence process and careful review, Drake signed an agreement with Parker Technologies LLC in early July that gives Drake a significant working interest in Parker's oil operations. Parker's first lease acquisition is expected to be finalized within two weeks' time, and will be located in The San Miguel Tar Sands in the Maverick Basin , Zavala County, Texas. Parker has targeted this specific area for its first project, which contains over 5 Billion barrels of heavy oil, for its ease of access in terms of drilling and extraction. Please review Parker's website ( www.parkertechnologiesinc.com ) for additional information. In addition to the working interest, Drake's agreement with Parker will also entitle Drake to an equity position in Parker once it goes public in the near future.
Peter Matousek states the following, "we are pleased to be affiliated with a company of Parker's caliber. Parker not only has access to oil-rich properties which can be easily exploited, but a patent-pending extraction and processing technology that will revolutionize the manner in which heavy oil is extracted and processed. The United States has vast, proven reserves of heavy oil which have remained largely untapped, as the majors in the oil business have traditionally targeted reserves of light, sweet crude, as it requires less processing to ultimately monetize. Parker's technology promises to significantly reduce the extraction and processing costs of heavy oil, so that those costs fall more directly in line with those of light oil. Aside from Parker's direct application of their technology to their leases, we see great opportunities going forward in the licensing and royalties of their patent-pending technology. "
Harald van der Kam, President of Parker Technologies LLC, commented as follows, "I welcome Drake as both a joint-venture partner and as a shareholder in our company. Shareholders of both companies will benefit from this transaction."
Peter Matousek further states, "we are still in negotiations with the former lease owner regarding the Pennsylvania Leases. It is anticipated that the revised agreement will be completed in September."
For any inquires please contact Drake's Investor Relations at phone: 530-405-3547 or email: IR@Drakegold.com
Please read the Forward Looking Statements & Risk Factors: http://DrakeGold.com/Risk_Factors
