Abby, Inc. Exercises Option on Second Parcel in Stateline Oilfield in
Richardson County, NE
CALGARY, Alberta, Nov. 13, 2012 (GLOBE NEWSWIRE) -- Abby, Inc. (OTCBB:ABBY) In
connection with a previously executed option agreement between Abby and Black
Star 231 Corp. on October 31, 2012, Abby exercised its option for the second
parcel in the Stateline Oilfield in Richardson County, Nebraska. This oilfield
is comprised as part of the SE quarter of the NE quarter and the East half of
the SE quarter of section 27, containing approximately 87 acres. The option
cost was $5,000. If all seven parcels of the original option agreement are
exercised, it would encompass approximately 2100 acres. The announcement on
October 31, 2012 disclosed that the first cash call will be for $138,650 per
Unit. If Abby, Inc. chooses to acquire its 75% working interest the first cash
call will total $415,950. The $415,950 includes two wells for both the Rose
Dome parcel and the second parcel optioned today.
If both wells are completed for production there will be a second cash call of
$133,500 per Unit or $400,500 for Abby, Inc. to retain its 75% working
interest. For each well not completed for production in this drilling program
the second call amount is reduced by $66,775 per Unit of participation.
Abby does not currently have sufficient funds to acquire a 25% working
interest which represents the minimum number of units which can be purchased
by Abby in both parcels.
Abby, Inc. President Tom Forzani said, "We chose to exercise the option on the
second parcel of the Stateline Oilfield based on the information provided by
our operating partner, Black Star 231 Corporation and our confidence in them
in the development of this oilfield. We are committed to our working
relationship with Black Star 231 Corp. and look forward to the completion of
these first two wells."
Forzani went on to say that, "Abby, Inc. believes the best growth strategy is
to partner with experienced operators in the North American oil marketplace
and we feel that Black Star 231 Corporation met our criteria of expertise as
well as their commitment to co-invest in projects. We look forward to
communicating more news on the Stateline Oilfield as its made available. "
About Abby, Inc.
Abby, Inc. (OTCBB:ABBY) is an oil and gas exploration and development company
focused on developing partnerships with experienced oil & gas operators
throughout the United States and Canada to identify low-risk prospects to
explore and develop into producing properties.
The information contained in this press release contains "forward-looking
statements," within the meaning of the Private Securities Litigation Reform
Act of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. A
forward-looking statement is one which is based on current expectations of
future events or conditions and does not relate to historical or current
facts. These statements include various estimates, forecasts, projections of
Abby, Inc.'s future performance, statements of Abby, Inc.'s plans and
objectives, and other similar statements. Forward-looking statements include
phrases such as "low-risk", "expects," "anticipates," "intends," "plans,"
"believes," "predicts," "estimates," "assumes," "projects," "may," "will,"
"will be," "should," or similar expressions. Although Abby, Inc. believes that
its current expectations are based on reasonable assumptions, it cannot assure
that the expectations contained in such forward-looking statements will be
achieved. Forward-looking statements involve risks, uncertainties and
assumptions which could cause actual results to differ materially from those
contained in such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Abby, Inc.'s expectations
are set forth in the "Forward-Looking Statements," "Risk Factors" and other
sections of Abby, Inc.'s annual report on Form 10-K for the last fiscal year
and Abby, Inc.'s other filings with the Securities and Exchange Commission.
Investors should not place undue reliance on the forward-looking statements
contained in this press release, as they speak only as of the date of this
press release, and Abby, Inc. expressly disclaims any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein.
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