SILVERDALE, WA — (Marketwired) — 07/29/13 — CGrowth Capital, Inc. (OTC Pink: CGRA) (the “Company”) is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) for the initial drilling of five (5) new wells in Young County, Texas. The new site is adjacent to a historically productive property that has shown low declining curve and steady production. The shallow wells are expected to produce similar results to the adjacent wells, which have shown initial production ranging between 20 and 30 barrels of oil per day (“BOPD”) and average steady production in the range of 15 BOPD per well.
“We have spent a good amount of time lining up our team and several opportunities in the oil and gas sector,” stated Bill Wright, CEO of CGrowth Capital. “This initial five well package is an excellent opportunity for us to cut our teeth in this arena before jumping into the deep end. The nature of the shallow well drill, along with partners that we have put together for this project, should result in production hitting our books very quickly.”
Definitive documents are expected to be executed within the week. Once complete, the Company expects a 50% working interest in the Young County wells. The Company is also working on incorporating a first right of refusal for the drilling rights to the remaining 250 acres and to include options on the deep well drilling rights.
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About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining. The processing of metal ore mining is a multi-billion dollar market opportunity which is capitalized through processing, sales, contracting and licensing of assets. CGrowth Capital–s services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold and silver to market. CGrowth Capital will focus on acquiring or “claiming” land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
Safe Harbor
Statements about the Company–s future expectations and all other statements in this press release other than historical facts, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words “anticipate,” “estimate,” “expect,” “intend,” “plans,” “projects,” and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
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CGrowth Capital, Inc.
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