BREMERTON, WA, Nov. 03, 2021 (GLOBE NEWSWIRE) -- CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") is pleased to announce that it has executed a Letter of Intent (LOI”) with WBS Organization (“WBS”), a multinational business services organization specializing in funding, collateralization, and associated services, to acquire the rights, title and interest in their Bahamian Petroleum Project (the “Project”). The Project includes long-term leases of land situated within the Bahamas (in excess of 8,000 acres) at the target site and necessary one-off project specific Government Permissions. Together, these form a unique opportunity in the Bahamas to conduct further advanced exploratory operations leading to anticipated drilling and oil extraction – while recent explorations have now been conducted, advanced studies have not taken place around the islands for several decades.
The Project is to be purchase for $15,000,000 utilizing the Company’s Series A Preferred Stock. In advance of a closing, the Company will immediately begin processing and file a Tier 1 Regulation A to raise up to $20,000,000. The funds are to be used to conduct further seismic research on a 3D basis in the Project zone, quantify oil availability and projected reserves, advance drilling and well workovers at the Company’s current Wyoming oil and gas property, and set up infrastructure for the further extraction of oil, by incorporating potential in the Bahamas. The Company anticipates being ready to file its initial Form 1-A within 45-days.
In support of the overall project funding, WBS has leveraged its extensive contacts and influence in the region to securitize this investment with free and clear real estate, to the extent necessary. The off-balance sheet pledge of this security which would support large early investments, is to be addressed in separate independent agreements and are expected to be key components to an early adoption and full capital raise.
Proton Magnetic Imaging performed in 2018 indicated oil reservoir shows under the target area in The Bahamas to be the same as that of the Venezuela Orinoco Oil Belt. The USGS 2012 petroleum assessment of the Bahamas Platform estimate total undiscovered resources at the P50 level of approximately 1,600 million barrels of oil, 2,000 BCFG and 126 million barrels of natural gas liquids. With successful advancements in exploration, production, and exporting of oil over multiple Caribbean Island the prospect of a successful Bahamian project is exciting.
“It is time to pound our stake in the ground!” stated Bill Wright, CEO of CGrowth Capital, Inc. “Countless weeks of wading through opportunities has culminated in an extremely unique opportunity with nearly unlimited potential for us. The creativity of both CGrowth and the WBS Organization has not only opened up a win for this Project, but looking forward, we have an endless number of business opportunities that we can look to in the future. We feel blessed to be in the right place at the right time in history – especially as oil prices look to only move up from here!”
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. The Company continues to serve as an alternative asset management company for businesses and assets focused on all aspects of mining, minerals, exploration, and commercial real estate. The processing of metal ore mining, mineral and specialty rock extraction, as well as oil and gas production, are multi-billion dollar market opportunities which is capitalized on through processing, sales, contracting and licensing of assets. CGrowth Capital’s services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold, silver, oil and gas, and dolomite to market. CGrowth Capital will focus on acquiring land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of operations.
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Safe Harbor
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
Source: CGrowth Capital, Inc.
