VANCOUVER, BRITISH COLUMBIA / TNW-CCESSWIRE / June 11, 2014 / Boomerang Oil, Inc. (the "Company" or "Boomerang") (CSE:BOI) (FSE:0B9) is pleased to announce that it has listed its common shares on the Frankfurt Stock Exchange (FWB) under the ticker symbol "0B9".
Dennis Alexander, President and CEO, commented:
"This dual listing in Germany will enable the Company to attract new shareholders and raise its visibility among international investors. We look forward to having a new forum to tell our story to an international audience."
The Company confirms that this dual listing furthers its plans to undertake both a well stimulation program to maximize production presently from its economic well and preparation to drill its first deep well located in the Crawar Field in Ward County. These programs are now being updated and expected to commence this summer. Other current exploration and development plans include a small focused frac to be performed on the Glorieta formation in order to increase flow from the hard rock formation to increase reservoir fluid for production. For future development, Boomerang is first targeting the Ellenburger formation on the Company's J.B. Tubb Leasehold Estate at approximately 8,300' foot depth, with capital expenditures ("CAPEX") requirements now set at approximately USD$1.6 million.
Additionally, the Company plans to drill up to three more wells on the South 40 location pursuant to the option contained in the Participation Agreement with Success Oil Co. ("Success Oil"). The Company's first objective in respect of the South 40 is to drill the Ellenburger well. According to the Company's consultant geologists, the Ellenburger formation sets along a fault plane increasing viability noted below 6,200' and viable at approximately 8,300' -8,400' feet. The second and third target well locations are located in the Waddel formation to 7,700-7,900' foot depth, and the Wolfcamp formation at approximately 6,200' foot depth, respectively.
The Company is an oil and gas producer engaged in the acquisition of oil and gas properties and assets principally within the United States of America. The Company is currently operating within Texas and has a compliant NI 51-101 Reserve Estimate. The Company's business model is to acquire existing oil fields with proven reserves and to rehabilitate oilfields with potentially high throughput.
About Frankfurt Stock Exchange
The Frankfurt Stock Exchange (FWB) is the world's 10th largest stock exchange by market capitalization. Located in Frankfurt, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Boerse (FSE: DB1), which also owns the European futures exchange Eurex and the clearing company Clearstream. For more information please go to www.boerse-frankfurt.de. .
ON BEHALF OF THE BOARD
Dennis Alexander, President & CEO
For further information contact: Dennis Alexander at [email protected], or by telephone on (480) 948-6581
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
THE CSE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Copyright (c) 2014 TheNewswire - All rights reserved.