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From Banking and Financial Services - Financial Markets

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GIHI Subsidiary Completes Its First Well In Kansas

Thu, 6 Sep 2012 13:53:13 EST

JERICHO, NY, September 6, 2012, Global Group Investment Holdings, Inc. (PINKSHEETS: GIHI) subsidiary Sovereign Oil Corp has announced they have re-worked one existing well in Kansas with expected production of 1-2 barrels of oil per day.

The Company has identified 9 drilling locations in addition to the re-work and has drilled the initial test well on the North West edge of the 400 acre lease. Although sands of 3-4 feet were identified at depths of 350'- 375' it was not as substantial as desired and was capped for future completion. The JV plans to drill or rework up to 10 oil wells by the end of 2012.

The Company expects the re-works and drilling on the 10 JV wells to produce approximate revenues of of $300,000.

To view the entire press release, please visit http://finance.yahoo.com/news/sovereign-oil-gas-completes-drilling-133000085.html

SmallCapNewsRelease Energy Gainers Are: VAALCO Energy (NYSE: EGY), EXCO Resources, Inc (NYSE: XCO), Forest Oil (NYSE: FST), Basic Energy Services (NYSE: BAS) and Bill Barrett Corp (NYSE: BBG)

SmallCapNewsRelease Energy Decliners Are: BreitBurn Energy (NASdAQ: BBEP), GMX Resources (NASDAQ: GMXR), and Enbridge Energy (NYSE: EEP)

This report is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Information, opinions and analysis contained herein are based on sources deemed to be reliable and are subject to change without notice. A third party has hired and paid SmallCapNewsRelease one thousand two hundred and ninety five dollars for the publication and circulation of this news release. Accordingly, certain information included herein may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. However, no representation, expressed or implied, is made as to the accuracy, completeness or correctness. In light of the above, we accept no liability for any losses arising from an investor's reliance on or use of this report. We do not and have not had any ownership interest in said third party of any kind.


Source: WebWire



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