Mondial Ventures, Inc. Completes Definitive Agreement To Acquire
Working Interest In 240 Acre West Texas Barnett Shale Oil
Development Project
SCOTTSDALE, Ariz., Nov. 5, 2012 /PRNewswire/ - Mondial Ventures Inc.
(OTCBB: MNVN) announced today it has signed a Definitive Agreement
to acquire a 50% working interest and participate in the
development of a 240 acre Oil lease known as the Boyette property
located in Shackelford County,
Texas.
The agreement calls for Mondial to provide $175,000 for the acquisition of the working
interest and to prepare the ground work to conduct a 3-D Seismic
study on the 240 acres. The seismic study will focus on specific
Barnett Shale formation characteristics that will assist in the
drilling of up to two Barnett horizontal wells, or 4 equivalent
vertical wells per horizontal well, on the Boyette lease. Proposed
depth of the future drilling is expected to be approximately 5,200′
to 5,500′ feet.
Three previously producing wells currently exist on the
property. Recently, there have been Barnett wells in the immediate
surrounding area that have been productive in the oil segment of
the Barnett Shale which have justified the seismic study.
The company believes that this is an excellent opportunity to
advance its Oil lease acquisition strategy and minimizes their risk
by acquiring a working interest, resulting in a co-partnered
drilling program. A deposit has already been advanced towards the
transaction.
Dennis Alexander, Mondial's CEO,
stated, "This development of a strategic co-development plan for a
multi-drilling program will enable us to participate and expand the
breadth of our oil and gas portfolio in a shared risk approach. We
believe that this approach will further assist us to limit our
financial exposure while having the advantage of utilizing
additional oil and gas management, engineering and advisory teams
that will have an overall focus on the success of our specific
projects." He also stated, "Coming off the back of our successful
drilling operation on our Glorieta Formation we are extremely
optimistic with this new multi-drilling project."
About Mondial Ventures Inc.
Mondial Ventures, Inc. is Oil and Gas Producer engaged in the
acquisition of Oil and Gas properties and assets that can be
developed into revenue producing assets. The Company has put an
emphasis on acquiring existing Oil fields with proven reserves or
by the rehabilitation of oilfields with potentially high
throughput.
Safe Harbor
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of Mondial Ventures Inc., its directors or its
officers with respect to, among other things: (i) financing plans;
(ii) trends affecting its financial condition or results of
operations; (iii) growth strategy and operating strategy. The words
"may," "would," "will," "expect," "estimate," "can," "believe,"
"potential" and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond Mondial Ventures Inc.'s
ability to control, and that actual results may differ materially
from those projected in the forward-looking statements as a result
of various factors. More information about the potential factors
that could affect the business and financial results is and will be
included in Mondial Ventures Inc.'s filings with the Securities and
Exchange Commission.
CAUTIONARY NOTE TO UNITED
STATES INVESTORS
The United States Securities and Exchange Commission permits oil
and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and
legally producible under existing economic and operating
conditions. We use certain terms, such as prospective resource or
Original Oil in Place (OOIP) or Petroleum Initially In Place
(PIIP), that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to
consider closely the disclosure in our Form 10K. Additional
information may be found at the following web site:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
Public Relations and Shareholder Information
Joseph Vazquez
754-204-4549 or
Email: infinityglobalconsulting@gmail.com
SOURCE Mondial Ventures, Inc.