NEWPORT BEACH, Calif., July 1, 2010 (GLOBE NEWSWIRE) -- Force Fuels, Inc. (OTCBB:FOFU) today released comments from Oscar Luppi, President and Chief Executive Officer, on the Company's "roll-up" strategy for small and moderate production oil properties.
As previously announced, Force Fuels has signed an agreement to purchase 49 oil and three natural gas wells in Southern Kansas with an eye on improving the yield from these wells via modern technological processes. In the longer term, the Company plans to expand its holdings of these types of properties as opportunities present themselves. This "roll-up" strategy is driven by a number of factors, including the advancing age of many owner/operators in the sector, who are looking for exit strategies as they reach retirement-age. In many cases, their holdings are too small to interest the major oil companies, thus a public company, such as Force Fuels, with access to capital, can prove to be an attractive partner/purchaser to these individuals.
"Subsequent to our purchase of the Arbuckle trend properties, Force Fuels has already been contacted by several additional parties interested in selling/partnering with us in the purchase/exploitation of their oil properties," said Oscar Luppi. "As our business model gains traction, our plan is to increase the scope of our holdings of small and moderate production wells. Given the aging of the ownership base and the need for access to capital to bring modern technology to bear, Force Fuels finds itself presented with a unique opportunity."
About Force Fuels, Inc.
Force Fuels, Inc.'s primary focus is in the field of regulated and standardized energy based products. Regulated energy products include oil, natural gas and electricity produced using solar and wind power. In the oil and gas field the Company plans to focus on the purchase of marginally producing shallow oil wells which can be optimized with existing technologies; the purchase of leases with potential for additional drilling in proven producing areas; and the acquisition of in-house know-how to further optimize production through stimulation, refurbishing and site optimization.
Forward Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, adverse economic conditions, intense competition, lack of meaningful research results, inadequate capital, termination of contacts or agreements, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products or programs and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.