HOUSTON, TX / ACCESSWIRE / January 25, 2018 / Radiant Oil and Gas, Inc. (OTC PINK: ROGI) announced that it is finishing its audits from the last few years with the intent of getting current on SEC filings in the next few weeks. In 2017 Radiant spent significant time cleaning up its balance sheet, including satisfying $37 million in institutional debt from one of its joint ventures through the sale of assets and has initiated payments leading to elimination of legacy vendor debt from the same joint venture. Radiant has overseen 2 successful wells drilled on the project in Southeast Texas that they intend to purchase and has progressed on financing key projects.
Radiant is in negotiations with several investor groups to fund 8 "low hanging fruit" conventional oil projects in the Gulf Coast onshore region. These historic producing projects still hold significant quantities of proven reserves that can benefit from the use of technology which was not available previously, but which can be utilized today. The initial project consists of 4 producing fields in Texas which are producing ~450 barrels of oil/day.
According to the Department of Energy, the demand for crude is significantly up from last year. We expect this trend to continue and prices to stay strong through 2018.
"Radiant has chosen conventional fields in areas where the cost to produce is exponentially lower than shale plays and has determined its cost to produce less than $12 per barrel protecting investors from any unforeseen wavering in the price of oil," said John Jurasin, Radiant's Chairman and CEO.
Radiant has been active in the news with coverage both by Public Wire www.youtube.com/watch?v=1YrbMWKVim4 and High Drive TV's Energy Makers.
We would like to invite all of our shareholders to send us your current contact information (address, email and phone number) so that we can communicate with you more effectively. Please send your contact information to Shawn Porche at [email protected] or to [email protected].
Interested accredited qualified investors who are interested in learning more about opportunities with Radiant should contact Steve Brewer at (713) 443-3662 or [email protected].
Radiant Oil and Gas Inc. is a Publicly Traded Company on the OTC Market specializing in acquiring and redeveloping long lived conventional onshore fields along the U.S. Gulf Coast. Radiant's conventional program is very profitable at today's oil prices due to lower leasing, service and other costs; and low cost and easy to drill-low risk wells. This strategy is in contrast to those oil and gas companies that are working in tight oil plays, which have associated with them high finding and producing costs due to high priced leases and the risks and costs of fracking
For more information or updates on Radiant, please go to our website at www.RadiantOilandGas.com or follow us on Linked In, Twitter, Facebook, or Google+.
Radiant Oil & Gas, Inc.
Shawn M. Porche, Chief Communications Officer
This press release includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding timing of drilling operations, reserves associated with prospects, oil content of prospects, future production rates and drilling results, ultimate recoveries from wells, ability to fund drilling operations, and the ultimate outcome of such efforts. Words such as "expects," "anticipates," "intends," "plans," "believes," "assumes," "seeks," "estimates," "should," and variations of these words and similar expressions, are intended to identify these forward-looking statements. While we believe these statements are accurate, forward-looking statements are inherently uncertain and we cannot assure you that these expectations will occur and our actual results may be significantly different. These statements by the Company and its management are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Important factors that could cause actual results to differ from those in the forward-looking statements include the factors described in the "Risk Factors" section of the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information, or otherwise.
SOURCE: Radiant Oil and Gas, Inc.