ACKO Austin Chalk Oil & Gas, Inc. Announces Current Status
Austin Chalk Oil & Gas, Inc. Announces Current Status
Wednesday March 9, 8:30 am ET
HOUSTON, March 9 /PRNewswire-FirstCall/ -- Austin Chalk Oil & Gas, Inc. (OTC: ACKO - News) has announced this morning its current corporate status.
The company is currently finishing up its Form 10k with its auditor and legal counsel and will be filing the Form with the SEC within the next couple of weeks.
The company also has its website up and running. Included in the website is more up-to-date information on Austin Chalk Oil & Gas, Inc. and its business, contact information for the company, and a more detailed business plan and FAQ. The website can be found at http://www.austinchalkoil.com.
ACKO also announced that its Edgmon-Cameron H12 well has been begun producing. The well is producing oil, water and gas at low rates due to low bottom pressure, which is normal for the area. The well currently has approximately 1,000 barrels of oil in its storage tanks.
About Austin Chalk Oil & Gas
Austin-Chalk Oil & Gas, Ltd. (ACKO) is an upstart energy company based in Houston, Texas. ACKO's current contracts involve the company re-drilling repurposed wells -- wells known to contain oil, which due to insufficient technology in the past, were abandoned by their owners. These wells usually contain pockets of unprocured oil, which were hard to reach with the drilling techniques which had long been in favor throughout most of the world. Relatively recent developments in drilling technology have been made which allow companies like ACKO to repurchase those wells at a deeply discounted price, who then must make only a few inexpensive modifications to the well rig and can then commence extracting oil from a known-producing well.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes", "expects", "anticipates" or similar expressions. These include the failure of any of the conditions to closing stated above, completion of the acquisitions of the target businesses, attracting necessary management, a delay in the formal launch of the website, raising the necessary capital to fund business operations and potential market competition. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. The Company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the Company. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
