From the Wires
EyeCity.Com, Inc. Shareholder Update of Strategic Planning For Additional Oil and Gas Well Acquisitions.
By: PR Newswire
Nov. 15, 2012 05:26 PM
LAKE MARY, Fla., Nov. 15, 2012 /PRNewswire/ -- EyeCity.com, Inc. (Pink Sheets: ICTY) Bradley Wilson, CEO of ICTY, is pleased to provide the following update to shareholders.
EyeCity.com, Inc. ("ICTY" and/or "Company") focus has been on the implementation of a Four Phase Program to enhance the company's value and generate revenue.
The completion of filings for the Company to be at the OTC Current tier and acquisition of the Cobb, Texas wells marked major milestones for ICTY. Cobb, Texas is located within Haskell County Texas, a significant crude oil producer in the United States. Oil production in Haskell County has grown from over 22,000 barrels per year in 1938 to over one million barrels per year in 1978, with aggregated production well over 100 million barrels. The US oil and gas exploration and production industry has combined annual revenue of about $290 billion.
The Company previously announced the acquisition of 3 wells, with an option for 6 additional wells; ICTY acquired 100% of the WI ("Working Interest") and 75% of the NRI ("Net Royalty Interest") in these wells. The planned stimulation program for these wells will be primarily "water flood injection into the formation". Therefore, production for these first 3 wells can be projected at approximately 10 BBL/day with a potential of 18 BBL/day. Based upon an average of 360 production days per year and an $85 Net Crude Sales Price per Barrel this equates to $306,000 (75% NRI $229,500) to $550,000 (75% NRI $413,000).
ICTY is evaluating an additional 20 wells in Cobb, Texas for acquisition. Each individual well to be considered for a possible purchase and investment will be evaluated on their individual merit as to its feasibility to produce positive cash flow and increase shareholder value.
As part of our Phase Three growth, the Company has targeted acquisitions in Cobb, Texas and Alberta Canada that would represent potentially over 100 BBL/per day of additional crude oil production.
The Company will continue to report details of acquisitions as well as additions to our executive team and board over the course of the next several weeks as well as updates on mining initiatives. The decision by Company management to expand into the Oil and Gas Sector has already produced tremendous results to continuously build upon.
"The importance of becoming an OTC current filer and completing the first acquisition will become evident to shareholders as we continue to build upon this positive momentum. I am committed to consistent shareholder updates as we continue to execute on our business plan which includes emerging as a fully reporting SEC filer, expanding revenue, increasing shareholder value and long term growth potential. Success to any business is its foundation and the wells in Texas and Alberta provide us a foundation of bedrock to build upon" CEO Wilson stated.
About Eyecity.com Inc.
Eyecity.com, Inc. is currently transitioning its business model towards a focus on natural resources. The primary focus in this sector is targeted towards oil and gas and the exploration and mining.
For further Information and inquiries:
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual result and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws.
SOURCE EyeCity.com, Inc.
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