ALBANY, Ky., Sept. 8, 2014 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCQB:FCGD) announced today that, as part of the Company's ongoing comprehensive restructuring of its acquired oil assets, the company has begun Phase 1 of its oil production plan, which includes bringing oil wells back online and into full scale production. Since completing the July acquisition, First Colombia Gold has been in an ongoing process of reviewing and streamlining operations to create a new, leaner structure that will create enhanced efficiency and reduced costs. This process includes a plan to bring all existing oil wells back online and get oil production to new heights over a twelve-month period.
"I firmly believe that we have a plan in place that will provide this company with the right structure and operations strategy to bring existing wells back online, then begin a new drilling program that will take our production numbers to new heights," stated Dr. E. Robert Gates, Chief Executive Officer. "As we progress through this plan, I expect to have strong production numbers and our revenue will certainly follow."
In its recent acquisition, First Colombia Gold Corp acquired interest in over 4,900 acres of oil and gas leases with over $200 Million in proven reserves. Clarence Parks, President and COO of First Colombia Gold Corp. stated, "Today's announcement is extremely exciting, because it means we will now begin to see revenue from this acquisition. Since the day we closed, our goal was to move as quickly as possible to restore production, and today we have begun to do that." Mr. Parks continued, "We know our shareholders have been anxiously awaiting this news, and we are pleased to update the public and confirm that we have a tremendous plan. Phase One, to restore production to existing oil wells, is now underway."
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 asset 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.