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Standard Oil purchases Natural Gas properties in West Virginia August 11, 2010

Posted by mytruthaboutoil in Oil giants.
Tags: , , ,

Standard Oil company just secured its financement for the purchase of important Natural Gas ressources in West Virginia (USA). Good news for the Texan company and investors.

Standard Oil Company announces it has signed an LOI on the financing package for the 18,000 acres of Natural Gas/Coal Bed Methane Properties in West Virginia. This will also stand as the framework for the subsequent financing of both the Kentucky and Texas Properties. The West Virginia Properties alone are expected to deliver approximately USD $30 Million in revenues annually.

Mr. Ronald Brooks, Standard Oil Company USA’s Chairman, is quoted as saying, “This is an exciting day for Standard Oil. This LOI sets in writing the culmination of 6 months of negotiations between Standard Oil, a Hedge Fund, a Private Equity Fund and two International Banks. This agreement will not only finance the West Virginia Properties but also sets the framework for the second round of financing which will cover both the Kentucky and Texas Properties. We cannot do everything at once so we will focus our first efforts in West Virginia, building our cash flow and then turn our sights on the other two States and Properties within three to four months of drilling commencing in West Virginia.”

Mr. Ronald Brooks is further quoted as saying, “This is a great day for Standard Oil Company and an even greater day for Standard Oil Company’s Shareholders.”

About Standard Oil Company USA, Inc.

About Us Statement: Standard Oil Company USA (PINKSHEETS: SOCU) is a leading independent energy company headquartered in Dallas, Texas and focused on oil and gas drilling, lease development and trading. Standard Oil Company, Inc., through its global network of buyers and sellers, along with its staff of seasoned oil, gas, refined fuels, trading professionals, drilling crews, engineers, attorneys and CPAs, will help facilitate the ease of transaction between buyers and sellers of actual, tangible oil and gas leases refined fuels allocations. Together with this, Standard Oil Company USA continues to search to acquire new oil and gas lease properties for exploration and future development both domestically here in the USA as well as internationally.

For more information visit our website at: www.standardoilcompanyusa.com.

The company is already working on drilling projects domestically and soon will begin internationally.

Forward-Looking Statements

This news release contains forward-looking statements made by STANDARD OIL COMPANY USA, INC. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events.



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