California Oil & Gas Corp. Chile Project - Supreme Decrees Received.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta -- California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Oil & Gas Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : COGC COGC Church of God in Christ ) is pleased to announce that March Resources has received approvals from Chile's Ministry of Mining and Energy for exclusive oil and gas exploration and development rights in the Pica North and Pica South blocks of the Tamarugal Basin of Chile. This area covers approximately 9,500 square kms (2,500,000 acres). The approvals are in the form of Supreme Decrees, which are to be published in the Official National Gazette The National Gazette was a Democratic-Republican partisan newspaper that was first published on October 31,1791. It was edited and published semiweekly by poet and printer Philip Freneau until October 23,1793. . March Resources has announced that it expects the definitive Special Operations Operations conducted in hostile, denied, or politically sensitive environments to achieve military, diplomatic, informational, and/or economic objectives employing military capabilities for which there is no broad conventional force requirement. Contract ("SPOC SPOC Single Point Of Contact SPOC Sydney Paralympic Organising Committee SPOC Single Point Of Control SPOC Search and Rescue Point of Contact SPOC Space Operations Center SPOC Saturn Performance Owners Club SPOC State Police Officers Council ") for each of these areas to be finalized See finalization. shortly. The purpose of the SPOC is to outline the exploration and development rights on the blocks, which are valid for a period of 35 years, and to detail the work commitments that are required for each of the two blocks. As has been previously announced, California Oil and Gas has entered into a letter of intent with March Resources that will permit California Oil and Gas to farm-in on this exploration program. Under the letter of intent, California Oil and Gas must commit to drilling 2 wells to casing point in order to earn a 50% interest in Pica North. March Resources will contribute US$ 1 million per well, but California Oil and Gas will be responsible for the balance of the costs to bring each well to casing point. Completion and testing will be at the after earned interest. If California Oil and Gas earns in to Pica North, it will have the option to earn a 50% interest in the Pica South Block for a cash payment of $US 2 million. March Resources and California Oil and Gas intend to jointly manage the project through March Resources Chile. With the receipt of the Decrees, work has begun to prepare to drill the initial exploration wells as soon as practical after the execution of the SPOC. On Behalf of the Board John G. F. McLeod, President Forward Looking Statement Statements in this news release that are not historical facts are forward- looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements in this news release include statements about the Company's belief that definitive Special Operations Contracts will be finalized shortly and that it can drill the required wells to casing point. The Company's actual results may differ materially from those anticipated in these forward looking statements due to any of a number of factors beyond the Company's control. These risks and uncertainties include, among other things, the risks that are inherent in oil and gas exploration and otherwise inherent in the Company's operations. These and other risks are described in the Company's Annual Report on Form 10-KSB and other filings with the Securities and Exchange Commission, which can be viewed at www.sec.gov. |
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