FRISCO, Texas, June 20, 2017 (GLOBE NEWSWIRE) -- Elite Group, Inc. (OTC:ELTZ) is proud to announce the signing of a Letter of Intent to acquire a 75% Working Interest in 2 wells in the Permian Basin of Texas. The lease is for 160 acres of land in Gaines County, and provides the potential for more wells to be drilled.
We anticipate a quick closing of this acquisition and will give greater details of the project once the Purchase and Sales Agreement has been finalized.
Elite Group CEO Terrence Tecco stated, "We feel that this project fits perfectly into our overall growth strategy. We have arranged for non-toxic funding for the wells, which will have a positive impact on our bottom line, and be good for our shareholders."
The Permian Basin, located in Western Texas and Southeastern New Mexico covers an area approximately 250 miles wide and 300 miles long. It was first discovered in 1925 and to date has produced over 29 billion barrels of oil and 75 trillion cubic feet of natural gas. The basin's top producer has production estimated at more than 230,000 barrels of oil per day.
Safe Harbor Act Notice: Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
For further information please contact:
Briggs SmithThe Olibri Groupinfo@olibrigroup.com
Source: Elite Group, Inc.