First Newgate Petroleum Resources Co. Ltd.
FIRST NEWGATE PETROLEUM RESOURCES CORP LTD COMPANY UPDATE
First Newgate Petroleum Resources Co. Ltd. / Key word(s): Miscellaneous For Immediate release FIRST NEWGATE PETROLEUM RESOURCES CORP LTD COMPANY UPDATE Oct. 10, 2011 First Newgate Petroleum Resources Corp. Ltd., an Ontario, Canada Company, and the CEO/CFO are pleased to announce that the Company has been granted the new trading symbol FNS:GR on the Frankfurt Open Market Segment, First Quotation Board. The Company is currently reviewing it’s most recent acquisition, an 18 well lease package in Texas, with 1 currently producing well, and up to 17 wells with high prospects to be reworked and brought back into production. The company’s technical team is currently reviewing all available data to determine the best route towards maximum recovery of the existing reserves. The Company is also currently reviewing several other leases for possible acquisition. Further news on this and other leases under consideration will be announced at the appropriate time. About: First Newgate Petroleum Resources Corp. Ltd. Our mission is to acquire, develop, and exploit Oil & Gas reserves that are producing and/or previously producing Oil fields located in the USA & Canada. We strive to increase proven domestic reserves, we do this by exploring new fields and revisiting previously drilled areas to discover them anew with advanced technology. There is over 217 billion barrels of oil still in the Ground in USA, and with the new technology available, we expect be able to capture a good portion of the remaining oil in these past producing fields. As the need to protect precious resources increases, forward-thinking companies such as First Newgate Petroleum Resources Corp. Ltd. are providing an economical approach to oil and gas reserves. Using state-of-the-art technology, First Newgate Petroleum Resources Corp. Ltd. selects only high quality prospects, increasing recovered resources per each well. Our mandate is to utilize North America’s leading hydrocarbon asset database to identify prematurely suspended Wells; Put identified Wells back in to production using a variety of new technologies; Rework Wells in the fields that show substantial potential for increased production. We use powerful geological search tools to efficiently find gas & oil well bore candidates. These geological and statistical analysis tools enhance search efficiency by organizing viable well bore candidates by key measurements. In this complex energy market, First Newgate Petroleum Resources Corp. Ltd. is consistently developing oil and gas prospects that have a solid geological foundation. We have assembled a team of regional experts to evaluate our projects from inception to completion. By taking advantage of technological innovations, we are strategically recovering domestic oil and gas reserves. H.B. Andrews CEO Cautionary Note Regarding Forward-looking Statements Certain statements contained in this news release may constitute forward-looking information, within the meaning of Frankfurt Securities laws. Forward-looking information may relate to this news release and other matters identified in the Company’s public filings, Forward-looking information and anticipated events or results and can be identified by terminology such as ‘may’, ‘will’, ‘could’, ‘should’, ‘expect’, ‘plan’, ‘anticipate’, ‘believe’, ‘intend’, ‘estimate’, ‘projects’, ‘predict’, ‘potential’, ‘continue’ or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of the Company, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Company filings and other unforeseen events or circumstances. Other than as required by law, the Company does not intend, or undertake any obligation to update any forward looking information to reflect, among other things, new information or future events. Neither the Frankfurt Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. For more information on the Company please go to our website at www.firstnewgatepetro.com Or contact the company at info@firstnewgatepetro.com End of Corporate News 10.10.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 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