HOUSTON, March 20, 2007 (PRIME NEWSWIRE) -- Stonebridge Resources Explorations Ltd. (Pink Sheets:SBRX) (GR:S3C) has signed a Memorandum of Understanding to purchase 51% of Global Energy Gas and Power Corporation. Global Energy has approved contacts and service agreements with Petroleos de Venezuela (PDVSA).
PDVSA is the Venezuelan state-owned petroleum company. It has activities in exploration, production, refining and exporting oil, as well as exploration and production of natural gas.
Stonebridge CEO Phillip Christian stated, "This is a huge step forward for the Company given the opportunity to expand our business philosophy and presence into South America. This will undoubtedly be advantageous to Stonebridge, creating new expanding business developments in the area. We look forward to building a continued long term business relationship with Petroleos de Venezuela (PDVSA)."
About Stonebridge Resources Exploration, Ltd.
Stonebridge Resources Exploration, Ltd. (www.otcsbrx.com) has embarked on a new direction which is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus has shifted to aggressively acquiring working interests in crude oil and natural gas properties. The company intends to use modern development methods along with improved drilling technologies to increase well production by up to 500%. The company's goal is to achieve a high return on its investment by limiting its acquisition costs and by practicing sound and intelligent approaches to oil and gas exploration and development.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.