LEVITTOWN, NY, Nov. 8, 2013 /PRNewswire/ - Far Vista
Petroleum Corp (FVSTA, PinkSheets)
The president announces that the counter offer submitted by the
financial institution representing the purchaser is for the amount
of $0.50 per share. The Board has
rejected this offer as being too low in relation to the evaluation
of the assets and oil reserves. It issued a counter offer of
$0.58 which is open until
Monday, November 12, 2013
4 PM for acceptance.
The Board is adamant in obtaining an offer that reflects the
evaluation provided in the report of the estimated net oil
reserves, completed on its Chedtyiskoye Field by Miller and Lents
Ltd, international oil and gas consultants, having its offices in
Houston, Texas.
The oil reserves are "Proved, developed and producing" 1,584,000
barrels having a value of $166,320,000; "Proved undeveloped' 4,134,000
barrels having a value of $434,070,000; ' Probable ' 10,351,000
barrels having a value of$1,086,855,000; and 'Possible'
14,201,000 barrels having a value of $1,491,105,000.
In addition to these reserves, Lukoil reports that there is
no less than than 5 hydrocarbonic mines that can be predicted
with geological reserves. An expert committee advised the Board of
Far Vista about this high probability of oil reserves in exploring
at least 4 new horizons from the Lower Permian to the Lower
Devonian discharges in the south-western part of Chedty field.
The Company's geologist reports that since our neighbor,
Lukoil, discovered reserves at the very boundary with our territory
indicates that there remains previously undiscovered additional
huge deposits within this territory which was
not included in the original evaluation report.
The president adds, "We are convinced that we will definitely
obtain an offer than reflects the value of the Company. This will
not be the only offer which will be made especially because of the
renewed interest in the Russian oil market.''
About Far Vista Petroleum Corp
Far Vista Petroleum Corp has business objectives
of interacting with Russian operators in the oil/gas industry with
the goal of building a vertically integrated petroleum company
based on opportunities available in the Russian Federation. This will be accomplished
through acquisitions of interests to develop crude oil sites with
proven reserves by means of equity investment or joint
ventures.
Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release that are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the
future.
SOURCE Far Vista Petroleum Corp.