PLANT CITY, Fla., Sept. 20, 2024 (GLOBE NEWSWIRE) -- Holiday Island Holdings, Inc. (OTC: HIHI), soon to be rebranded as EP3Oil, Inc., announced today that it is shifting its primary focus immediately to its two (2) oil wells, known as “Metcalf”. This follows an unexpected pause as announced previously this year about the Company’s planned continuous oil and revenue production of its Windy Point well. This production pause is hoped and expected to be temporary while attempting to adjust its operations to tap the illusive oil reserves indicated to exist by the engineering reports.
This transition includes the Company’s committed and future funding and all other production related resources employed to provide ongoing petroleum and revenue generation. The Metcalf wells, which are authentic Secondary Oil Recovery reservoirs according to the geological findings, have been reactivated after a 40-year dormancy. Historically, each well produced hundreds of barrels of oil per day before being decommissioned.
The reactivation of the Metcalf wells marks an anticipated robust commencement of oil and revenue production for EP3. Metcalf is anticipated to be operational as early as next week.
Glenn Klinker, CEO of Holiday Island Holdings, Inc., remarked, “This is an exciting milestone, and I am delighted to announce on behalf of the Company, that our Secondary Oil Recovery initiative was launched with an initial target of generating approximately 200 barrels per day within the first year. With our Metcalf development, we have revised our target of up to a multiple of our original daily oil/revenue production within two years.”
In addition, EP3 is actively engaged in negotiations to acquire other oil production assets also located in Texas, while expanding its existing operations.
The Company will keep both its shareholders and public completely informed of the entire process as the details continue to develop. Please watch for press releases about the Company’s progress. For additional information, please visit the Company’s website at www.EP3OIL.COM.
Forward-Looking Statements Disclaimer:
This press release contains 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. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
Contact:
Glenn Klinker - CEO & Chairman
Phone: (702) 480-3215
Email: GLENN@EP3OILcom
Website: www.EP3OILcom
