TORRANCE, CA, March 28, 2013 /FSC/ - Sebastian River Holdings, Inc. (SBRH - OTC), and Drake Gold Resources, Inc. (DKGR) are pleased to announce that their secondary drilling Joint Venture in Western Pennsylvania has received a positive report on oil production for the JV's Master lease.
The JV's Operator, Chris Repasky has reported that four target wells on the lease were tested this week. Management is thrilled with the results. According to Repasky, two of the four wells produced salt water (also known as drilling fluid disposal), which is a strong indicator for presence of oil and another is producing oil.
The JV will be testing additional wells toward a minimum of five target wells can be identified to begin reworks. Other wells will be repaired toward additional production output and further details are forthcoming via website updates and/or press release on what the team is confident will result in a profitable venture toward expansion and continued growth.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Sebastian River Holdings, Inc.
Peter Matousek, 424-258-0167
Source: Sebastian River Holdings, Inc. (OTC:SBRH - News)
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