News for 'SBRH' - (Sebastian River Holdings, Inc.

News for 'SBRH' - (Sebastian River Holdings, Inc. Strikes Oil & Gas Joint Venture with Drake Gold Resources, Inc.)


TORRANCE, Calif., Jan 14, 2013 (BUSINESS WIRE) -- Sebastian River Holdings,
Inc. (OTC:SBRH), is pleased to announce it has officially entered into a joint
venture with Drake Gold Resources, Inc. (OTC KGR) on its Master Lease in
Venango County, Cranberry Township, Western Pennsylvania. The lease consists of
457 acres containing 50 wells. Ownership will be divided between the two parties
based on capital committed.

The companies will engage in a rework drilling program together to harvest
production of oil toward near term revenues in this targeted region of
Pennsylvania that houses over 15,000 wells which are currently marginal or
non-producing for various reasons. Sebastian is currently targeting a block of
20 wells on the Master lease and capital has already been furnished to initiate
rework and production in line with the companies'
current objectives: to seek out, evaluate and acquire interests in those oil and
gas projects that in the opinion of management fit the following criteria:

-- Proven producing oil and gas reserves with substantial development potential;

-- Proven reserves that can be activated with appropriate financing;

-- Low-risk drilling and development costs;

-- Good access to infrastructure to bring to market;

-- Ability to generate profits and cash flows in a short period of time with
potential as highly undervalued assets.

The company will provide regular updates on the endeavor as they are received by
the lease operator, Chris Repasky, a field operator in North West Pennsylvania
for 25 years. He currently operates 50 of his own oil wells in addition to
owning a water transportation business that serves the local Marcellus Shale gas
boom.

This release includes forward-looking statements, which are based on certain
assumptions and reflects management's current
expectations. These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results or events to differ materially
from current expectations. Some of these factors include: general global
economic conditions; general industry and market conditions, sector changes and
growth rates; uncertainty as to whether our strategies and business plans will
yield the expected benefits ; increasing competition; availability and cost of
capital; the ability to identify and develop and achieve commercial success; the
level of expenditures necessary to maintain and improve the quality of services;
changes in the economy; changes in laws and regulations, including codes and
standards, intellectual property rights, and tax matters; or other matters not
anticipated; our ability to secure and maintain strategic relationships and
distribution agreements. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

To view this press release as webpage please click on the following link:
http://www.usetdas.com/pr/sebastianriverjan142013.htm


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SOURCE: Sebastian River Holdings, Inc.