OKLAHOMA CITY, OK — (Marketwire) — 06/18/12 — Georgetown Corporation (OTCBB: GTCP) an independent energy company engaged in the oil & gas exploration sector, today announced the formation of Synergy Oil Tool & Supply LLC, a new wholly-owned subsidiary established to provide oilfield equipment to both independent and major oilfield companies involved in the exploration, production and development of oil and gas properties, domestically and in selected international markets.
“In the coming weeks, Synergy plans to strengthen its management team, source new and used products, and develop its client base in order to take advantage of the ever increasing North American demand for high quality products,” said Carl Swan, CEO of Georgetown Corp.
In a recent report, Citigroup analysts forecast that additional oil production could add as much as 3 million barrels per day to U.S. supply by 2020, with the Gulf of Mexico output climbing by another 2 million barrels per day. In addition to North Dakota–s booming Bakken, more production is expected in Texas–s Eagle Ford and Permian Basin, Colorado–s Niobara, Louisiana–s Mississippi Lime, Ohio–s Utica and the Monterey basin in California, a state that the U.S. Energy Information Administration estimates could hold 15 billion barrels of recoverable reserves, several times greater than the Bakken.”The shale oil revolution is in full swing in North America,” the Citigroup analysts wrote.
The Company intends to capitalize on the growth of the oil well drilling industry with sales of drill pipe and related oil field equipment.
Georgetown Corporation also announced the launch of its new website located at which will provide shareholders with relevant and timely information.
About Georgetown Corp.
Georgetown is an exploration or exploratory stage company involved in the examination and investigation of land that may contain valuable minerals. The Company plans to continue its growth organically, search for new acquisitions, and expand geographically. It also plans to provide oilfield services and equipment to independent and major oilfield companies in exploration, production and development of oil and gas properties, domestically and in selected international markets.
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 which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated production. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
For more information about Georgetown Corp. please contact:
Investor Relations Department
1-877-646-0090