DALLAS, Oct. 9, 2014 (GLOBE NEWSWIRE) -- LIG Assets, Inc. (OTCPK:LIGA) today announced that its wholly owned subsidiary, CP Resources, LLC, has executed an option to acquire lease interest and drilling interest in 400 acres in leases located in the Permian Basin.
Wells are planned for the lease and are intended to go down to a depth of approximately 8000 to 9000 feet and would be expected to encounter potential hydrocarbon bearing formations in the Cambrian, Canyon, and Strawn Formations. These zones have past initial production (IP) rates in the Permian basin of up to 200 BOPD to 800 BOPD, which could lead to very significant revenue and cash flow from the lease. 3-D and other technologies have been utilized to further define the potential of the lease.
CP Resources, LLC and West Coast Partners, LLC become wholly owned subsidiaries of LIG Assets, Inc. through a merger transaction announced on September 4, 2014. The primary focus of the merged entity will be to develop its current portfolio of leases for oil and gas reserves on over 36,000 acres in Nevada and Texas and additional leases as identified.
LIG Assets, Inc. recently announced an initial agreement with a potential funding partner under which the Company would receive up to $10 million in financing for drilling on its oil lease in Nevada. The Company expects to provide an update on the Nevada lease in the coming days.
About LIG Assets, Inc.
In September 2014, LIG Assets, Inc. based in Dallas, TX, a Company focused on residential and commercial real estate, merged with West Coast Partners, LLC and CP Resources, LLC that are also based in Dallas. West Coast Partners and CP Resources are focused on oil and gas exploration and production. These entities currently have over 36,000 acres under lease in Nevada and Texas with geological reports that demonstrate the potential for massive reserves.
LIG Assets, Inc. still plans to expand its residential portfolio and increase commercial property transactions. The real estate division will continue to operate as a separate subsidiary under LIG Assets. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net.
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.