Company Expects More Positive Developments in Subsequent Days
Press Release: X-Change Corporation
HOUSTON--(BUSINESS WIRE)-- X-Change
Corporation (OTCQB:
XCHC.PK -
News) an independent oil
exploration and production company based in Houston, Texas, recaps recent
developments as it moves forward with financing options to begin drilling on
several properties.
On March 26, 2012 X-Change Corporation announced the addition of two new
Board of Director members, Robert Nourse and Graciela Moreno. Mr. Nourse was
appointed President and Ms. Moreno was appointed Senior Vice President of
X-Change Corporation. Their combined years of executive expertise and experience
will build long term revenues and shareholder growth.
Robert Nourse, President of The X-Change Corporation, has more than 14 years
of progressively responsible experience raising private capital for the
exploration and drilling of oil wells in excess of $100 million. Robert has led
these companies in the start-up and growth phase by providing clients with
superior leadership during critical transition phases. Robert Nourse has
commitments of $10 Million of immediate funding to X-Change Corporation.
On April 4, 2012 X-Change Corporation announced the appointment of
Atul Trivedi as the Chairman and CEO. Mr. Trivedi's years of executive expertise
and experience will build long term revenues and shareholder growth. Mr. Trivedi
was currently promoted to President and CEO of Cress Oil, Inc., a subsidiary of
X-Change Corporation.
On April 9, 2012 X-Change Corporation announced through its subsidiary
Cress Oil, Inc., an independent exploration and production company based in
Houston, Texas that it has entered into a purchase and sale agreement with a
private company to acquire more than 44,000 net mineral acres in the Bakken and
Three Forks formation in the US portion of the Williston Basin of Montana. The
total purchase price is $30,800,000.00. The leases can be taken in separate
blocks of 1,000 or more acres at the discretion of Cress Oil until the entire
block of 44,000 acres is taken down.
On April 13, 2012 X-Change Corporation announced through its
subsidiary Cress Oil, Inc., an independent exploration and production company
based in Houston, Texas that it has acquired a 65,000 gross acre (50,000 net
acre ) lease position in the Alberta Bakken Shale formation in Montana.
U.S. Geological Survey reports have found that the Bakken Shale is one of the
largest and richest continuous oil accumulations in the United States. Because
the Bakken shale has moved up into Canada, specifically Alberta, Canada, Cress
Oil intends to explore and develop deep into the southern Alberta basin of
Montana as well. There is an estimated of 6-24 billion barrels of oil to be
recovered in the Bakken formation.
On April 16, 2012 X-Change Corporation announced through its
subsidiary, Cress Oil, Inc. a joint venture with Nomad Energy, Inc. to provide
drilling, and well services in the newly acquired 109,000 mineral acreage
position in the Bakken Shale and Three Forks formation. Cress Oil expects to lay
out more than $200 million in capital expenditures to explore and produce on the
newly acquired mineral acreage throughout the next five years.
Nomad Energy provides services worldwide to more than four hundred different
service and operating companies. Services range from drilling and completion
technologies to performing dynamic and static reservoir studies all the way
through integrated project management. Nomad can provide field production
strategies, operations, integrated project management and deliver discreet well
site services.
On April 20, 2012 X-Change Corporation announced through its
subsidiary Cress Oil, Inc., an independent exploration and production company
based in Houston, Texas, that it will acquire leasehold interests located within
the Williston Basin of North Dakotas and Montana.
Cress Oil will buy current net production and capitalize on existing assets
from owner. Expectations for recoverable oil within the leasehold have resource
targets of more than 900 million barrels of oil equivalent. The company plans to
drill 10-20 additional wells.
With an estimated 24 billion barrels of oil within the Williston Basin, the
Bakken has been the nation's largest oil discovery in more than 40 years. When
the Bakken Formation was first assessed by the USGS for recoverable reserves, it
turned out to be only a fraction of what the USGS and industry have actually
discovered today. There continues to be acreage of recoverable oil throughout
eastern Montana within the Bakken and Williston Basin.
About X-Change Corporation
X-Change Corporation is building interests in a broad range of oil and gas
projects worldwide. The Company is an independent energy company engaged in the
production, development, acquisition, exploitation and exploration of crude oil
and natural gas.
About Cress Oil
Cress Oil is focused on projects for deep and shallow wells domestically and
internationally. Cress Oil will partner with other oil and gas companies to
explore for reserves on properties the majors have left behind. Cress Oil earns
an interest in new reserves acquired and in production. The company intends to
grow through a combination of exploration, exploitation, and development
drilling, drilling services as well as strategic acquisitions of oil and natural
gas fields. For more information, please visit www.cressoil.com.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act
of 1934. A statement containing works such as "anticipate," "seek," intend,"
"believe," "plan," "estimate," "expect," "project," "plan," or similar phrases
may be deemed "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Some or all of the events or results
anticipated by these forward-looking statements may not occur. Factors that
could cause or contribute to such differences include the future U.S. and global
economies, the impact of competition, and the Company's reliance on existing
regulations.
Contact:
X-Change Corporation
Kathleen Hannifan,
281-277-0521
Investor Relations