CHICAGO, Oct. 4, 2005 (PRIMEZONE) -- Berkshire Asset Management, Inc. (Pink Sheets:BSSM) today announced the completion of the acquisition of 100% of the stock of Greater Sooner Exploration, Inc., an Oklahoma-based oil and gas exploration company that will now operate as a wholly owned subsidiary of Berkshire.
Concurrent with this transaction, Berkshire Asset Management, Inc. will change its Company name to Greater Sooner Holdings, Inc. In addition, the corporate offices will be relocated to Healdton, OK.
Management changes as the result of this transaction will include the resignation of Thomas F. Duszynski as President and CEO and the addition of Paul Kinsey as CEO and Chairman of Greater Sooner Holdings, Inc. Mr. Kinsey comes to the Company with over 28 years' experience in the oil production industry.
The previously announced 1 for 2 reverse stock split and subsequent ticker symbol change will be effective within the next 10 days. The capital structure of the Company post-split will consist of 21.2 million shares. In addition, the balance sheet will have no debt.
Greater Sooner Exploration, Inc. is a Healdton, OK-based crude oil and natural gas exploration and production company with operations in Oklahoma. The Company's model is to combine existing operating wells with a number of shut-in wells with proven reserves and new wells drilled as offset wells of existing producing wells. With this three-tiered approach management will bring current cash flow with the upside potential for producing wells coming online after the wells are reworked. "By acquiring valuable oil and gas exploration rights, Greater Sooner is poised to become a serious participant in the oil and gas exploration business," commented Paul Kinsey.
Safety Harbor: This release and the Company's website referenced in this release contain forward-looking statements regarding Greater Sooner Holdings, Inc.'s future plans and expected performance that are based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of drilling efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. This press release may include the opinions of Greater Sooner Holdings, Inc. and does not necessarily include the views of any other person or entity. Statements contained in this press release that are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements contained in this release and which may affect the Company's prospects in general.