Capital Hill Acquires Interest in 300 Million Barrel Oil Bid.DENVER -- Capital Hill Gold, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CHGI) reports that the Company has acquired an interest as technical partner on a 300 million barrel bid for petroleum and natural gas in Nigeria. The bid has been submitted and accepted in Nigeria's 2005 round of offshore concession auctions, with bid awards scheduled for September 24, 2005. Nigeria is the tenth largest oil producer in the world and 11th in natural gas reserves. Currently, major oil companies including Shell, ExxonMobil, ChevronTexaco and Conoco Phillips are producing and developing in Nigeria. Capital Hill's bidding partners include three Nigerian partners with experience and contacts in Nigeria. Most of Nigeria's crude oil production, comprising 10 major crude streams (including condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. ), is light sweet crude, API grades 21-45, with a low sulphur content. Nigeria's marker crudes on the International oil market are Bonny Bonny (bŏn`ē), town, SE Nigeria, in the Niger River delta, on the Bight of Biafra. In the 18th and 19th cent., Bonny was the center of a powerful trading state, and in the 19th cent. it became the leading site for slave exportation in W Africa. Light and Forcados. Capital Hill intends to acquire additional petroleum rights in Nigeria in conjunction with its local partners. Terms of the joint venture agreement with Capital Hill's development consultant, UJIMA Energy Corporation, call for the issuance of 10 million shares of restricted stock and addition restricted shares as the join venture develops, with up to 49% interest in the company to be issued upon Capital Hill acquiring rights to reserves of 1 billion barrels of oil or their caloric caloric /ca·lo·ric/ (kah-lor´ik) pertaining to heat or to calories. ca·lor·ic adj. 1. Of or relating to calories. 2. Of or relating to heat. equivalent in natural gas. About The Company Capital Hill Gold's strategic objective is to obtain controlling interests controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in petroleum, uranium and other strategic and precious metal properties with excellent exploration potential for economically significant to world-class ore deposits. CHGI has acquired rights to several mineral exploration properties with uranium, gold and silver, and is actively negotiating for the acquisition of additional properties. On behalf of Capital Hill Gold, Inc. Dan Enright Daniel Enright (August 30, 1917 - May 22, 1992) was one of the most successful game show producers in American television. Enright worked with Jack Barry from the 1940s until Barry's death in 1984. They were partners in creating programs for radio and television. , President This press release contains statements, which may constitute "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. " within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. |
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