Message #9 From:
Stock News Bot Date: September 21, 2005 01:30:00 AM
IGDC News IGDC Obtains $100 Million Investment for Its Energy Programs
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 21, 2005--Indigenous Global Development Corporation (IGDC), the first majority owned and publicly traded Native American company in the U.S. (OTCBB:IGDC), today announced the infusion of an investment package of $100 million by a Asian investment energy group. Initially one-third of the investment package is designated to purchase two producing oil and natural gas projects and roughly 240 miles of natural gas pipeline located in Kansas. The purchase of oil and gas leases, properties and pipelines on the natural gas projects in Kansas has probable reserves of 250 billion cubic feet of natural gas.
Under the agreement, IGDC and the seller will have the following equity position, IGDC owns 80 percent and the development and operations company owns 20 percent. The operations company will manage the drilling and gathering operations of the potential 1,000 new wells within the natural gas fields. The expected net cash flow from the natural gas fields is approximately $1.2 billion over the 20 year life-cycle of the project. The growth of IGDC's energy model in the U.S. is focused on meeting the expectations developed by the United States' newly signed National Energy Plan for the U.S. and Indian Country.
"The infusion of capital and the acquisition of the natural gas field in Kansas is the beginning of a new chapter for the company," said Deni Leonard, Chairman and Chief Executive Officer, Indigenous Global Development Corporation. "As the developers of a natural gas field, we can now move forward on all aspects of our energy business plan. We look forward to this exciting new challenge."
About Indigenous Global Development Corporation
Indigenous Global Development Corporation (IGDC) is the first majority owned publicly traded Native American corporation. IGDC's goal is to provide strategy, financial and investment tools to deliver economic development, empowerment and financial self-sufficiency for Native Americans across the U.S. and for indigenous people worldwide. Investment financing, tribal energy creation and healthcare programs for Native American communities are its primary tools to create positive change in Indian Country. You can find more information about Indigenous Global Development Corporation at www.igdc1.com.
Copyright (C) Indigenous Global Development Corporation, 2005
