Mondial Ventures, Inc. Signs Letter of Intent With Ben J. Taylor, Inc. to Employ a High Volume Staged Frac in Ward County,
Mondial Ventures, Inc. Signs Letter of Intent With Ben J. Taylor, Inc. to Employ a High Volume Staged Frac in Ward County, Texas
SCOTTSDALE, AZ -- (Marketwired) -- 02/12/14 -- Mondial Ventures Inc. (OTCQB: MNVND) (the "Company") announced today it has signed a Letter of Intent (referred as "LOI") with Ben J. Taylor, Inc. (referred as "Taylor") to employ a high volume staged frac in Ward County, Texas.
The LOI calls for the Company to join with Taylor in the development of the Third Bone Springs and Wolfcamp formations in the University 18-19A "No. 1" well at approximately 11,000 foot depth, located in Ward County, Texas. Mondial and Taylor plan to employ a high volume staged frac technique to develop the known proven reserves in the two formations. Apache and EOG Resources, Inc. have offsetting wells which have been very prolific in these zones. The program will require the Company to raise an estimated $1.2 million for Capital Expenditures related to the program. The program would allow for the initial finance for the program to be recaptured out of 100% of working interest revenues before a future ongoing 50/50 split, based on approximately 75% net revenue interests. The Definitive Agreement is subject to due diligence and rig availability. The Company expects to start field operations within 90 to 120 days.
About Ben J. Taylor, Inc.
Ben J. Taylor, Inc. is a Texas oil and gas operating company founded by Ben J. Taylor who started in the oil business in 1927 and continued until 2000. The Texas Legislature passed a House Concurrent Resolution No. 291 commending Ben J. Taylor for his lifetime achievement in the petroleum industry and in particular the development of Texas oil and gas resources. The company is still family owned and operated.
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.
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.
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