SAN DIEGO, Calif.--(BUSINESS WIRE)--Kabe Exploration Inc. (KABXD: OTCBB) today announced its intention to hire Fortune Oil and Gas as the operator for its oil and gas assets on a turn-key basis. Fortune Oil and Gas (FOGC) currently operates two subsidiaries, Cressent Energy Inc., in Texas, and Alta Mining Inc, in British Columbia, Canada. Cressent Energy Inc. is an independent oil and gas company actively engaged in the exploration, development and production of oil and gas in the state of Texas.
“or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under”
Under the terms of the contract, Fortune will be tasked with all aspects of bringing Kabe's oil and gas properties into full production in a cost effective and environmentally conscious manner.
Kabe's president, Erik Ulsteen, commented, "Hiring Fortune Oil and Gas is a significant piece of our overall strategy to bolster revenues while minimizing costs. Fortune has an excellent track record with rehabilitating oil and gas properties and then managing them for long-term production."
Mr. Ulsteen added that the company also intends to hire Sal Mazzullo, an expert geologist, as a consultant on drilling and development. Mr. Mazzullo received his BS and MS degrees in geology from Brooklyn College, and his Ph.D in geology in 1974 from Rensselaer Polytechnic Institute. His petroleum industry experience includes working with Texaco Research Laboratory, and he was later a manager of Stratigraphic Exploration for Union Texas Petroleum Corp. He will be working with Kabe and Fortune to help maximize the companies' drilling and production efforts.
About Kabe Exploration Inc.
Based in San Diego, California, Kabe Exploration Inc. is an oil & gas exploration and development company that acquires mineral rights in prolific shale plays for production within the United States. Kabe’s primary goal is to increase the value of acquired assets through a combination of exploration, horizontal drilling, and proven engineering extraction processes.The main emphasis is to continue to grow acreage holdings and work jointly with industry partners to develop these properties increasing production and reserves while controlling costs.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "intends, "plans," "should," "seeks," "pro forma," "anticipates," "estimates," "continues," or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under "Risk Factors" and "Our Business." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.