Levittown, NY, August 13, 2013 - Far Vista Petroleum Corp (OTCPink: FVSTA) is pleased to announce that, having completed the acquisition of all the outstanding shares of CJSC Chedty Neft, the Company is active in the oil industry with important reserves as detailed in a geological report.
The report of the estimated net oil reserves was completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas (http://www.millerandlents.com/). The projects that have been completed by Miller and Lents during over 50 years are extensive and its clients include, in the United states, Chevron Corp, ConocoPhilips, General Motors, Halliburton, Pennzoil, Shell Oil, Sun Oil, Total, Anglo Dutch Petroleum, BP Exploration and in Russia, they include the largest in the world, Gazprom Neft, Lukoil, Rosneft Oil, Yukos, All Russia Research Geological Institute etc.
The proved, the developed and producing, as well as the proved undeveloped reserves, have a total gross value of over half a billion dollars. These do not include additional wells to be drilled on the site of which the probable reserves have a gross value of over one billion dollars.
As new wells are drilled, portions of these probable and possible reserve quantities will be upgraded.
Details as to the Report conducted by Miller and Lents can be accessed on the Company’s website, (http://www.farvistapetro.com/).
In addition to the Report of Miller and Lents, we expect in a few weeks the confirmation by the governmental Federal Agency on Mineral Resources, Offices of Oil and Gas Geology. As soon as we receive the report, our shareholders will be advised.
Following the recommendations of Miller and Lents as well as the report of the Federal Agency, we shall prepare to drill in other areas of our oil deposit in order to increase production. We will also be securing financing to develop these additional sites.
About Far Vista Petroleum Corp
It is interacting with Russian operators in the oil/gas industry with the goal of building a strong vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures in oil/gas operations. Its first acquisition is that of CJSC Chedty Neft.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include the fluctuations in the price of gold and in the event of severe weather conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
SOURCE Far Vista Petroleum Corp
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