GREAT FALLS, Mont.--(BUSINESS WIRE)--Eco-Trade Corp. (OTCQB:BOPT), an independent oil and gas exploration Company, announced today that it has signed a letter of intent with Ambrosia Holding and Finance ltd. (Ambrosia) for a $5 million dollar financing for the development its first Bakken well. Ambrosia is a private syndicate fund based in London, England and Geneva, Switzerland.
Ambrosia and the Company shall be executing a mutually acceptable definitive legal documentation for the transaction whereby Ambrosia will commit an initial $5 million on a “Farm-In” agreement for drilling of the first well on the Company’s property. Subject to the definitive agreement, the funds shall be used by the Company for exploration and drilling of a petroleum well (Oil and/or Gas) at the Prospect.
Manoli Vaindirlis, Managing Director of Ambrosia, stated, “We are extremely excited to have the opportunity to work with Eco-Trade on the development of the first well on this very dynamic property in the Bakken. Our historic investment portfolio to date has included resource and international oil and gas, and this first foray into what may be the most exciting oil find in North America, has us focused on efforts to close and drill as expeditiously as possible.”
Leasing and drilling activity in the Bakken Fairway region has increased dramatically since late 2010. Over 60 wells have been drilled in Alberta and Montana with the Bakken as the principal target and over 30 of these wells were vertical wells with the primary purpose of delineating the Bakken formation. In Montana, Rosetta and Newfield are considered to be the most active drillers with over 12 wells each. In Alberta, it is Crescent Point, Murphy Oil and Shell who are the most active Bakken drillers. Analyst Wood Mackenzie estimated 2.6 Billion BO may be recovered from the Bakken Fairway.
Eco-Trade CEO, Canon Bryan, noted, “Our policy is to focus on our core competency of building a financial model that is profitable and structuring additional asset-bases through potential acquisitions of high value properties. The Company outsources its drilling operations to key-trusted partners who propose, permit and engage in the drilling process. By managing our operations in this manner, we are able to keep costs low and margins relatively high. And oversight is always an important component, and the Company keeps a close watch on all operations ensuring maximum efficiency and output.”
While management believes that the aforementioned Letter of Intent may conclude with a successful agreement, there can be no guarantee.
About Eco-Trade
Eco-Trade is fully-reporting, independent oil and gas exploration company that has drilling and production rights on a property in Lewis & Clark County in Montana, near Great Falls. Please visit www.ecotradecorporation.com
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About Ambrosia
Ambrosia Holding and Finance Ltd is a private syndicate fund of high net worth investors which has been in operation for over a decade, operating with bases out of London, England and Geneva, Switzerland, with banking in a variety of jurisdictions beneficial to specific investment targets. Ambrosia’s investment portfolio to date includes both private and public companies in the areas of resource, oil and gas.
Safe Harbor
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, and amended risk factors to investment that may be found at http://www.ecotradecorporation.com/contact/safe_harbor.html when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
