International Oil & Gas Holdings Corporation Signs Letter of Intent with Summit Permian Management, LLC for Joint Venture on Oil and Gas Properties in Texas and New Mexico.HENDERSON, Nev. -- International Oil & Gas Holdings Corporation (Pink Sheets: IOGH IOGH International Oil & Gas Holdings Corporation ), a diversified diversified (di·verˑ·s holding company with joint ventures in the energy, technology, insurance, real estate and security sectors, announced today that the Company has executed a letter of intent to participate in a joint venture with Summit Permian Management, a Midland, Texas-based company, to acquire and exploit oil & gas properties in the Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. of west Texas and eastern New Mexico Eastern New Mexico is a region of the U.S. state of New Mexico. The region is sometimes termed the High Plains. It is generally located at an altitude of over 4,000 feet and is mostly characterized by relatively level terrain. . Under the agreement, IOGH will be the majority owner of property and as part of the agreement, IOGH will implement Summit Permian Management's new proven technology to enhance producing rates from 100% to 400% from the existing wells that they will be acquiring. Summit Permian Management will handle all operation, engineering, field and support staff, while IOGH's responsibilities lie in the initial acquisition of the properties. "It is our goal to acquire existing oil and gas properties that are currently in production, and add to them our new proven technology to increase producing rates, cash flow, and earnings for the Company and its shareholders," stated Keith McAllister, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . About Summit Permian Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Founded by a seasoned team of oil & gas professionals, Summit Permian Management ("SPM SPM - Sequential Parlog Machine ") was formed for the purpose of acquiring a diversified portfolio of producing oil and gas properties that are pre-qualified as production enhancement candidates. SPM acquires producing oil & gas properties and immediately implements its proprietary technology for the purpose of increasing the producing rates on the existing oil & gas wells. The increased producing rates provide significantly increased cash flow and value to the owner of the acquired oil & gas wells. SPM management has found these production enhancement opportunities to be numerous in the Permian Basin and has realized tremendous success to date with their acquire-and-exploit business model. Management envisions unlimited and increasing opportunities to duplicate and enhance its success in the region. Management also sees a window of opportunity to achieve excellent investment returns given the current high and relatively stable oil and gas prices. About International Oil & Gas Holdings Corporation International Oil & Gas Holdings Corporation (IOGH) is a holding company that partners with high-growth, profitable companies with great potential and powerful synergies while providing financial and/or management services to its Joint Venture partners and/or its subsidiaries. IOGH's primary focus is in the oil and gas energy sector. The company also has investments in energy technologies and insurance that give it a unique position in the market. Additionally, the company has diversified its investments by working with real estate and security companies that have synergies with its energy and insurance projects. The company is a full-service petroleum distributor operating in business, government, and industry markets. The company is headquartered in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and its affiliates have offices in Dallas, Colorado Dallas was a town in Ouray County, Colorado about 3 miles (5 km) north of the present town of Ridgway at the confluence of Dallas Creek and the Uncompahgre River. Dallas was founded in 1880 and named after the former Vice President of the United States, George M. and Southfield, Mich. Please visit the Company's website at: http://www.ioghc.com. 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. : Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in 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. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public. |
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