MEMPHIS, Tenn., Aug. 5, 2014 (GLOBE NEWSWIRE) -- First Colombia Gold, Corp. (OTCQB:FCGD) announced today it is beginning a new Ten hole drilling program to expand oil production on its newly acquired leases.
Dr. Robert Gates, CEO, stated, "We are really excited as we begin to get work done on the ground, which will increase our production numbers. The acquisition of our newly acquired leases has given us the opportunity to get this oil out of the ground and create revenue flow, which will reflect as a strong positive to our financials."
Dr. Gates added, "Our team is energized and focused as we implement our plan of action to bring these reserves to the top for our company, and most importantly, our devoted shareholders."
Company President Clarence Parks stated, "As previously announced, there are over 200M dollars of proven oil reserves on these properties, with less than 1/3 of the properties being fully evaluated. FCGD is committed to bringing these leases into full production. We feel we will have the capabilities of reporting results of this drilling program at the end of our third quarter."
About First Colombia Gold
First Colombia Gold Corp. is a capital company focused on acquiring, developing and advancing natural resource, energy, and real estate projects in Europe, North America, and South America. Our business model is to acquire undervalued assets combining potential for building assets values and cash flow through leverage to improved operational efficiencies and development.
Our current activity focus is on precious metal exploration in Montana in addition to planned initial activities of our energy division.
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10k, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations form the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.