Los Angeles Ca , March 10, 2021 (GLOBE NEWSWIRE) -- Los Angeles, CA – March 10, 2021
Black Rock Petroleum announces Torrance California Oilfield Acquisition Agreement has been extended and amended with substantially reduced dilution to existing shareholders and by strengthening its board of directors by the appointment of Sivakumar Coramutla as a director with immediate effect.
Black Rock Petroleum Company (OTC: BKRP), a Nevada corporation, announced today it has executed an extension and amendment to its original contract to acquire 100% ownership of Torrance Petroleum Co, a Wyoming entity that holds a 520 Acre California Oilfield in the Monterey Shale .Torrance Petroleum that becomes a wholly owned subsidiary of BKRP, via the transaction that has been structured as a stock-for-stock Exchange.
The original agreement executed December 2nd, 2020 provided for the transfer of certain existing common shares to the vendor of Torrance Petroleum and for the issuance of 50,000,000 newly issued preferred shares of the company to the vendor, the amended agreement has extended the timeframe to transfer the common stock so as to enable the company to be able comply by transferring the common shares and to cure the technical default to allow completion to take place today, In addition to extending the agreement in order to complete the transaction with no further dilution to existing shareholders the Vendor also waived its right to receive 50,000,000 newly Preferred shares thereby dramatically improving the terms for the company and its existing shareholders while the company still gets the full benefit of the acquisition of the 520 Acre Oilfield as contemplated in the original agreement.
The company also announced the strengthening of its board of directors by the appointment with immediate effect of Sivakumar Coramutla age 55 years, as a Director of the company, he is a seasoned entrepreneur and company director and has served as a senior executive in many industry sectors in various key positions globally. An MBA with Masters in Electronics from USA and Bachelor of Engineering from one of the premier institutes in India. he started his career with one of the largest Wall Street firms as a director of information technology services and moved to become a Vice President for Asset Management where he got his core experience and work associations with industry leaders in oil and gas firms. He quickly moved on and set up a firm to build Liquid Natural Gas offshore regasification Terminal in India, the First Floating Storage and Regasification Unit.
Working with wall street firms he developed comprehensive approach in structuring complex trade transactions. He understands that providing trade finance in today’s volatile global markets demands creativity and flexibility. As such, he has access to array of trade and export finance instruments to mitigate unnecessary credit risks while increasing access to working capital. With this experience of trade and project management he has secured project funding for his LNG regasification project.
Siva Coramutla has many distinguished accomplishments in multi-disciplinary project managements and focused strategic business developments. He is as an award-winning entrepreneur, named New Jersey Businessman of the Year, selected to be the Honorary Chairman for the Business Advisory Council in Washington, DC, and election to serve for the State of New Jersey on the presidential council in 2002-2003
About Black Rock Petroleum Company
Black Rock Petroleum Company is a diversified oil and gas company in the business of seeking potential oil and gas opportunities in USA and internationally to acquire as part of its rapid expansion plans. Our latest acquisition is Torrance California Oilfield Located in Los Angeles County, California, 520-acre development area situated in the Monterey Shale play with estimated minimum (PUD) Recovery of 5-17 MM Bbls. Up to 34 MMBLS With Esteam Technology, Potential Original Oil in Place Recovery could exceed 45 MM Bbls. Monterey Shale Reserve is Estimated at more than 15 Billion Barrels and has long been seen as an area of huge potential oil production using new methods to extract the vast reserves known to exist.
For additional information visit: www.blackrockdrilling.com
Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.
Contact:
Zoltan Nagy, CEO
Zoltan@starflick.com
Source: Black Rock Petroleum Co./ Torrance Petroleum Co.