Dejour Energy Inc. (NYSEMKT EJ)
DEJ reported that it has signed a Letter of Intent to create a strategic joint venture partnership with a private Singapore based energy company (‘SECO’) to develop the company’s Colorado oil and gas assets.
Upon completion of due diligence, legal documentation and requisite approvals expected prior to January 31, 2014, SECO will invest an initial sum of up to $27.5 million in 2014 and 2015 to earn an 85% share in DEJ ’s interests in its Colorado properties, primarily Kokopelli, subject to certain interest claw backs available to DEJ .
Following this capital investment by SECO, the partners will continue to judiciously develop the reserves on a pro rata basis. DEJ will remain the operator of record.
DEJ is an independent oil and natural gas exploration and production company operating projects in North America’s Piceance Basin (approximately 70,000 net acres) and Peace River Arch regions (approximately 7,500 net acres).
More about Dejour Energy Inc. (NYSEMKT EJ) at www.dejour.com
Crown Equity Holdings Inc. (CRWE)
A social networking service is a platform to build social networks or social relations among people who, for example, share interests, activities, backgrounds, or real-life connections. A social network service consists of a representation of each user (often a profile), his/her social links, and a variety of additional services.
CRWE is currently developing a social networking service and phone app, CRWE Network (CRWE-PR), that is designed to target all the communities in every state of the United States.
CRWE ‘s business plan is based on selling advertising to local businesses. Its goal is to facilitate exchanges of goods and services in a manner similar to Craigslist, a classified advertisements website with sections devoted to jobs, housing, personals, for sale, items wanted, services, community, gigs, résumés, and discussion forums.
CRWE is looking to deliver value for its stockholders in both the near and long term, and to improve the potential future growth for the company, is targeting the multi-billion dollar social networking service market.
CRWE offers advertising branding and marketing services as a worldwide online multi-media publisher.
More about Crown Equity Holdings Inc. (CRWE) at www.crownequityholdings.com .
Saratoga Resources Inc. (NYSEMKT:SARA)
SARA reported that it has received independent, third-party audited reserve estimates on two of its shallow Gulf of Mexico leases, awarded earlier this year.
SARA contracted with DeGolyer and MacNaughton to provide independent, third-party reserve estimates on its recently acquired shallow Gulf of Mexico properties. Estimates of reserves were prepared in compliance with the regulations promulgated by the SEC and future prices were estimated using guidelines established by the SEC and FASB.
Combined proved undeveloped reserves for the Moneypenny Prospect in Ship Shoal Block 78 and the Thunderball Prospect in Vermilion Block 153 totals 2.74 million barrels of oil equivalent (“MMBOE”), 46% of which is oil, with estimated present worth values using a discount rate of 10 percent (“PV10”) of $37.2 million. These reserves are supplemental to the existing proved reserves associated with SARA ’s state and parish leases.
The Gulf of Mexico leases cover 19,814 gross and net acres in four lease blocks, Ship Shoal Blocks 78 and 110 and Vermilion Blocks 152 and 153, and are located in the shallow Gulf of Mexico in water depths of 13 to 79 feet, close to existing infrastructure. All of the prospects are normally pressured and each of the leases has a five year primary term.
SARA is an independent exploration and production company. Principal holdings cover 52,102 gross/net acres, mostly held by production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana and in the shallow Gulf of Mexico Shelf.
More about Saratoga Resources Inc. (NYSEMKT:SARA) at www.saratogaresources.com
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