Double Crown Resources Announces Expansion of Initial High Grade Barite Order and Developing Vendor Status with Top Level Oil Industry Customers
Additional Requests for Barite Shipments Received and Application Process Underway for Vendor Status to Largest Names in the Petroleum Energy Sector
HENDERSON, Nev.--(BUSINESS WIRE)--August 19, 2014 -- Double Crown Resources, Inc. (OTCQB: DDCC), a fully reporting company, (hereinafter, "Double Crown") today provides an update on new developments with the company's first commercial order for high grade barite ore from our source in Mexico to a well established oilfield service company based in Texas. The customer has now requested we plan for an additional 200 metric ton shipment of high grade barite from our 2nd Mexican mine site. The new request came after their certified geologist inspected and approved our 1st mine site earlier this month. Inspection and approval of the 2nd mine site is currently being arranged. Although we are ready and able to ship product immediately, at the customer's specific request, both shipments will be planned for the month of September which is the soonest the product can be put to work at active oilfield test drilling sites. Upon successful completion of test drilling operations, it is anticipated that our customer will move forward with the signing of a planned, 5-year supply purchase contract for regular monthly shipments of Double Crown's high grade barite product.
This 1st customer is very optimistic about developing long term plans with Double Crown serving as a primary vendor for oilfield service commodities, especially because of the plentiful, high quality materials we are able to offer. In particular, this customer services much of the off-shore oil drilling in the Gulf of Mexico. Industry requirements and government regulations for off-shore drilling are very stringent that the barite used must be high density and low in metals such as mercury. Double Crown's established barite sources in both Mexico and Guatemala are ideal for this application as they do meet the very strict requirements for off-shore drilling use. In Double Crown's newly enhanced business plan we have anticipated having one ball mill producing processed barite at our New Orleans plant after its renovations and we will also produce processed fracturing sand and guar gum slurry, all key commodities in growing demand by oilfield drillers throughout the world. These materials will be delivered in the most efficient and environmentally friendly way via our patent-pending aggregate material transport system when all of our development plans are executed. Double Crown management has very high confidence in the company's long term prospects. As a demonstration of that confidence and commitment, it should be noted that both our CEO Jerold S. Drew and our President Allen E. Lopez have recently returned substantial holdings of their personal DDCC shares to the company treasury for direct financial support of Double Crown at this time. The return of these shares was reported in Form 4 SEC filings on August 14th.
In another important development last week, Double Crown management met with one of the three top level oilfield service resource companies in the industry (sometimes referred to as The Big 3). At this meeting Double Crown was given the go-ahead to finalize official documentation to become an approved vendor to supply barite & fracturing sand for this company's needs throughout the world. The official vendor approval process involves very extensive vetting and qualification requirements. Double Crown representatives began speaking to this top level resource company and others nearly one year ago.
President Allen E. Lopez commented, "I could not be more pleased with the progress of Double Crown Resources to date which is, of course, attributable to the experienced team we have put together including our expert consultants and attorneys. Now that we are beginning to receive commodity product orders and are also obtaining approved vendor status with major petroleum industry names, the company story is clearly advancing to a state of commercial maturity and our developments are accelerating more rapidly. To highlight all of our latest progress and new project growth, we will be moving forward in the next few weeks on shooting a 2nd television program about the company hosted by well known broadcaster Terry Bradshaw. The Bradshaw team has been anxious to cover Double Crown Resources again since their first feature on our company was very well received by their audiences when broadcast nationwide in 2013. The original program can still be viewed on our website at any time. We expect the new program to begin airing before the end of 2014. This is a very exciting time for our company, our industry and all of our DDCC investors."
About Double Crown Resources, Inc.
Double Crown Resources, Inc. is a natural resource exploration and development company holding a 100% interest in the Bateman gold & nickel prospect near Thunder Bay, Ontario, Canada. In addition, Double Crown is targeting new properties as well as oilfield supply & service projects that have the potential for near-term positive cash flow. The company is presently reviewing a number of new natural resource properties that are near to, or in production, located in North, South and Latin America. Multiple oilfield service projects are currently under active development. Double Crown Resources, Inc., originally founded in 2006, is based in Henderson, NV.
Neither this press release nor any related calls or discussions constitutes an offer to sell, or the solicitation of an offer to buy, any securities.
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Double Crown Resources, Inc., please refer to its website at http://www.doublecrownresources.com/.