California Oil & Gas Corp. Reports Final Government Approval on Chilean Project Imminent.CALGARY, 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 a signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. for the execution of 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. Contracts ("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 ") with the Chilean government has been scheduled for May 9, 2007, in the city of Iquique. The SPOC outlines the exploration and development rights on the blocks, which are valid for a period of 35 years and will detail the work commitments required for each of the two blocks. That SPOC is the final approval needed to begin exploration drilling for gas and oil on the Pica North and Pica South blocks in the Tamarugal Basin of Northern Chile. California Oil & Gas has an agreement to jointly explore these blocks, which cover approximately 3900 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. (2,500,000 acres) with March Resources Corp. COGC will earn a 50% interest in the Pica North project through its commitment to drill two wells to casing point. March Resources Corp.(March) will contribute US$ 1 million per well, with COGC responsible for the remaining well cost to casing point. Completion and testing will be shared 50%. Following earning in Pica North, COGC will have an option for a cash payment of $US 2 million to earn a 50% interest in the Pica South Block. March and COGC will jointly manage the project through March Chile Agencia. With the official signing of the SPOC, work will begin as soon as possible on the initial exploration wells. To this end a contract is being negotiated for a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. drilling rig and crew to be used for this project. Drilling could commence during the third quarter of 2007. 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 the Special Operating Contract will be signed and that exploration operations can be commenced, including acquiring the services of a suitable drilling rig and crews. 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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