BELLINGHAM, Wash., Sept. 12, 2005 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) announced today that it has signed a Memorandum of Understanding "MOU" to acquire the exclusive mineral rights to an oil deposit in China. In connection with the transaction, API is to acquire 100% of a China-based company, which will own the exclusive rights to the oil deposit. API intends to set up a holding company called Asia Properties Petroleum "APP", which will be 100% owned by API.
According to a geological survey and shallow hole drillings on part of the property, it indicates a proven reserve of more than seven million barrels of oil, nearly a half billion U.S. dollars at the current prices, already on this property, which borders another oil deposit with 180 million barrels of proven reserves. The company will be engaging a third party geological company to confirm this deposit.
"We believe this acquisition is extremely attractive due to the high level of proven reserves," said Asia Properties CEO, Daniel McKinney. "With oil and gas prices near record highs and with China being one of the largest consumers of energy, we feel that this property has a great deal of potential." According to the terms of the MOU, the company will be issuing two million restricted shares for the acquisition.
API is currently negotiating on several other oil deposits in China and aims to become a junior oil company in this market. The company has been assembling a group of professionals and consultants in China and plans to incorporate a wholly owned Beijing-based subsidiary to carry out the development of oil business in China. The expansion into China is expected to enhance the Company's resort business in Phuket by adding properties capable of generating substantial cash flow.
The Asia Properties, Inc. company logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1733
About Asia Properties, Inc.: Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments, where investors can invest in Asian real estate and hold the investment in the form of a security trading on a U.S. securities market.
For up-to-date corporate information about Asia Properties, Inc. contact Daniel McKinney (360) 392-2841 or www.asiaprop.com) or Ed Lewis, CEOcast, Inc. for Asia Properties at (212) 732-4300
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.