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SOURCE Far Vista Petroleum Corp.
LEVITTOWN, NY, Oct. 30, 2013 /PRNewswire/ - Far Vista Petroleum Corp (FVSTA, PinkSheets)
The president is very pleased to announce that the Company has received two major offers.
The Company received a purchase order from an oil distributor to buy on a monthly basis 300,000 barrels of oil. "This is exciting news that probably is a result of the discovery of the large additional deposit of oil on our territory which has a common border with Lukoil. This purchase would result in increased monthly revenues of approximately $30-33 million."
Nevertheless, this new order for oil can be fulfilled without depending on the new discovery.
This discovery of oil is attracting much attention and was not included in the original evaluation.
The report of the estimated net oil reserves was completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas.
The current oil reserves are "Proved, developed and producing" 1,584,000 barrels having a value of $166,320,000; "Proved undeveloped' 4,134,000 barrels having a value of $434,070,000; ' Probable ' 10,351,000 barrels having a value of$1,086,855,000 and 'Possible' 14,201,000 barrels having a value of $1,491,105,000.
"We are most excited regarding the constant excellent offers that we received during the past month,' says Alexander Plekhanov. He adds, " I cannot comment at this time on the second offer; I have convened the Board of Directors for an urgent meeting on Friday, November 1, 2013." The Board will review the offer and report to the shareholders.
The president cannot divulge details of the offer pending discussions with the members of the Board.
About Far Vista Petroleum Corp
Far Vista Petroleum Corp has business objectives of interacting with Russian operators in the oil/gas industry with the goal of building a vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
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