HOUSTON, TX — (Marketwire) — 04/03/12 — NDB Energy, Inc. (OTCQB: NDBE) (PINKSHEETS: NDBE), an emerging independent oil and gas company, announced today it has completed the acquisition of Armada Oil, Inc. through a share exchange agreement.
Armada Oil, Inc. is an independent energy company engaged in the exploration of shale oil through the development of a multiple objective oil and gas exploration project located in and around the Laramie and Hanna Basins in Southern Wyoming. Armada holds interests in Carbon County, Wyoming that includes a 25,000+ acre Niobrara and Casper formation project near existing infrastructure including oil and natural gas pipelines, oil refineries, and gas processing plants as well as various productive oil and natural gas fields. To date, the company has acquired 1,280 acres, engineering data, 2D seismic and has an option to purchase an additional 23,700+ acres.
The Niobrara shale formation is considered an unconventional oil play. It is regarded by some to be amongst the next major resources plays and has been compared to the successful Bakken shale formation. Technological advances in horizontal drilling and hydraulic fracturing in the last decade have helped create new opportunities in U.S. unconventional energy plays such as the Bakken and Niobrara. The Niobrara is in its early stages and major players and operations include EOG, Chesapeake, Noble, Anadarko and others who hold significant leaseholds are positioned for growth as the field develops.
Commenting on the announcement, James J. Cerna, President and CEO of NDB Energy, Inc., stated, “This acquisition is an important corporate milestone for our Company. Our mission to develop and commercialize high-value domestic onshore properties fits well with Armada, which has control of over 25,000 net acres with seismic and previous well control indicating a potential Niobrara opportunity. Further, there are several additional pay zones within the property, which we plan to test, including a deeper conventional Tensleep formation. Engineering progress has been made and we intend to further this work with additional 3D seismic and drilling this year.”
David Moss, President of Armada Oil, Inc. commented, “Our new status as being part of a public company with NDB Energy, Inc. will provide us far better access to the capital markets and shorten the timeline in advancing our project. I look forward to working closely with Jim Cerna and the rest of the NDB Energy team to create and drive shareholder value through the development and increase of our acreage position.”
Further details of the acquisition can be found at in the report filed by NDBE today with the SEC on Form 8-K.
NDB Energy, Inc. is an emerging independent oil and gas company, exploring, developing, producing, and marketing crude oil and natural gas from various known prolific and productive geological formations. NDB Energy, Inc. is focused on building and developing a portfolio of oil and gas assets by acquiring undervalued, underdeveloped and underperforming properties, with the prospect of increasing production in an economical and profitable manner. NDB Energy, Inc. recently acquired Armada Oil, Inc., which holds interests in and around the Laramie and Hanna Basins in Southern Wyoming that includes a 25,000+ acre Niobrara and Casper formation. To date, Armada Oil, Inc. has acquired 1,280 acres, engineering data, 2D seismic and has an option to purchase an additional 23,700+ acreage.
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No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although NDB Energy, Inc. (the “Company” or “NDB Energy”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company–s products, technical problems with the Company–s research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company–s operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company–s ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that NDB Energy, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company–s most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at . The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.