World Oil Group, Inc. has Received Approval from FINRA for its Name and Symbol Change and Issues Update on Reserves
December 10 2014 - 8:00AM
Access Wire
Debary, FL / ACCESSWIRE / December 10, 2014 /
Cyber Kiosk Solutions, Inc. (OTC PINK: CYBK) is pleased to announce
the Company has officially change its name to World Oil Group,
Inc., and its new trading symbol is (OTC PINK: WOGI).
The Company's CEO Nathan Hall states "I am super excited to
communicate to our shareholder base under the name World Oil Group,
Inc. (WOGI) which better reflects our business and vision moving
forward. Now that the name and ticker are officially changed,
shareholders will begin to see the quality relationships and
business mindset I bring to the table. As a CEO, I will strive to
achieve shareholder value by expanding the business, increase
revenues, completing acquisitions and up-listing the Company."
World Oil Group would like to provide shareholders an update on
operations in Pennsylvania. The company has continuously stayed the
course with the drilling schedule. However, has been met with some
equipment failure(s) and drop in oil pricing that has caused some
delays and changes to the fracking schedule. The equipment
failure(s) have been remedied, but due to the drop in oil prices,
WOGI has not proceeded on the original fracking plan to drill 3
wells and frack 1 well. To ensure profitability, World
Oil Group is responding to conditions that are ever changing in the
field.
The oil wells that have been drilled, logged and are waiting to
be fracked, have good oil saturation and are expected to produce
oil in marketable quantities. The Course number #2 well has
demonstrated to have strong oil and gas shows that have come out of
the ground while drilling. Although not produced for profit,
the natural gas produced from the well will help to drive the oil
to the well bore thereby increasing production. All of the other
wells show strong oil reserves for these types of oil wells.
The Course # 4 was drilled and during the process of putting
casing down hole, the operations team ran into faulty threads on
the pipe and lost 17 - 20ft section of piping down hole due to a
manufacture defect in the piping. The company has since, contacted
the piping manufacturer and had them replace all piping at no cost
to the company. WOGI will come back to this well at the end of the
10 well drilling project. The company anticipates on having 7 wells
completed by the end of the year proving whether conditions
permit.
Beginning next year, World Oil Group, Inc. is looking to
purchase new equipment to meet capability demands. WOGI is looking
to purchase two drilling rigs for this region so we can run
multiple crews on projects simultaneously.
As of today, Course #6 has been drilled all but the last 200ft
and expect to finish that tomorrow and begin on the Course #9 on
Friday. Due to the locations and the proximity of the equipment,
WOGI has drilled out of sequence. World Oil Group, Inc. is drilling
in the Venango Sand Group of formations and there have been no dry
holes.
Out of the wells that have been drilled, geology reports show
marketable proven oil reserves in each well. The Corse Lease
Geology Reports show the wells collectively have between 850 to
1500 barrels of oil production the first year, per well, which
represents a collective oil average of about 10,000 barrels of oil
for year one of the 10 well program. In dollars and cents at
today's markets price of $66.84 dollars per barrel of oil, gives
the company $ 668,400.00 dollars in first year gross dollars.
Brent Crude Oil $66.84
▲0.65
0.97%
2014.12.09 end-of-day
http://oil-price.net/dashboard.php?lang=en#brent_crude_price_large
The Company planned on fracking by now, but decided to drill all
10 wells first in hopes the Oil markets would stabilize. Once
all 10 wells have been drilled, the fracking will begin. The
Company expects to be selling Oil within days after fracking. The
sale of the Oil to Ergon, Inc. is already in place and when the
tank(s) are filled the oil truck comes to pick up.
The processes of permitting additional well locations on the
lease have already begun in anticipation of the success of the
current 10 well project. These additional wells have already been
identified by survey and proper notices have already been sent to
local municipalities and landowners. WOGI expects to have
additional permits within the next 90 days.
World Oil Group, Inc. simultaneously working to begin its next
10 well project on its 50 well lease allocation. World Oil
Group, Inc. is in talks with obtaining additional leases in Ohio
and the surrounding areas of Venango, Warren and Butler
Counties.
About World Oil Group, Inc.:
EPA Petroleum, Inc. "EPA" is a wholly owned subsidiary of World
Oil Group, Inc. (WOGI). The Company is an independent producer of
crude oil and natural gas. EPA Petroleum is actively involved in
drilling activities within the Commonwealth of Pennsylvania using
Xite Energy, Inc. as its subcontractor drilling
partner.
EPA Petroleum is always seeking new opportunities and
acquisitions in the O&G sectors and looks to work with the
local communities to help bring jobs within each drilling region.
EPA Petroleum's vision is to grown exponentially with the petroleum
industry via O&G drilling and energy trading in the USA and
around the world.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
World Oil Group, Inc. New Stock Symbol (WOGI)
For Information contact:
Nathan Hall, President & CEO
Phone: 407-777-9228
Email:
info@epapetroleum.com
www.EPAPetroleum.com
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SOURCE: World Oil Group, Inc.