Crown Extends Closing Date of Acquisition.BELLINGHAM, Wash. -- Crown Oil & Gas Inc. ("Crown" or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CWOI CWOI Consolidated Work Opportunities, Inc. ) states that the closing date of the Letter of Intent signed on March 18, 2008 with Langford Worldwide Corp. Ltd. to purchase the outstanding shares of Covenlina Holdings Ltd. ("Covenlina") and Bandberg Holdings Ltd. ("Bandberg") has been extended to December 31, 2008. The extension was granted to allow completion of a customary independent review of Covenlina and Bandberg. Due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. has been completed on the Russian subsidiaries of Covenlina and Bandberg to Crown's satisfaction. Pending the independent review, exploration activities of the Russian subsidiaries are continuing on schedule. Planned seismic studies are underway to provide more precise definition of drill targets defined by previous exploration programs and to satisfy the working requirements under the license agreements. The first stage of the 2D seismic survey on Tereshkinsky, one of the three properties in Russia on which subsidiaries of Covenlina and Bandberg hold oil and gas exploration and development licenses, has been finalized. Geophysical contractor Saratovneftegeophizika ("SNG SNG abbr. 1. substitute natural gas 2. synthetic natural gas ") completed 389.4 linear km of 2D seismic. Initial analysis of the seismic data indicates three principal target areas. SNG plans to launch the second stage of 2D seismic, focusing on refining the size and geological characteristics of the three prospects and to provide additional confidence in drill site selection. About Crown Oil & Gas Inc. Crown is a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. that is considering other business opportunities, notably the exploration and development of oil and gas properties in Russia with identified resources. The Company intends to enhance shareholder value through the application of its capital, management, and technical resources to the development of its properties. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: This press release contains "forward-looking statements" as defined by the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 (United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ). Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (a) the lack of additional financing to fund the Company's change of business from the manufacture and distribution of herbal products to oil and gas resource exploration and development, and in particular the Company's proposed purchase of the outstanding shares of Covenlina and Bandberg; (b) fluctuations in foreign exchange and interest rates; (c) the number of competitors in the oil and gas industry with greater technical, financial and operations resources and staff; (d) fluctuations in world prices and markets for oil and gas due to domestic, international, political, social, economic and environmental factors beyond our control; (f) changes in government regulations affecting oil and gas operations and the high compliance cost with respect to governmental regulations; (g) potential liabilities for pollution or hazards against which the Company cannot adequately insure or which the Company may elect not to insure; (h) the Company's ability to hire and retain qualified employees and consultants; and (i) other factors beyond the Company's control. When used in this document, the words "could", "plan", "estimate", "intend", "may", "potential", "should", and similar expressions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters that are not historical facts are forward looking statements. The risks and uncertainties that could affect future events or the Company's future financial performance are more fully described in the Company's quarterly reports (on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed in the US), the Company's annual reports (on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed in the US) and the other recent filings in the US. These filings are available at www.sec.gov. |
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