ALBANY, Ky., Nov. 24, 2014 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCQB:FCGD) (http://www.firstcolombiagold.com) announced today that the Company hit oil on another well on a lease in Monroe County, Kentucky.
Drilling activity on this new well began on November 17, 2014, after moving on site, the crew began drilling and was able to set 200 feet of 7 inch casing. On November 18, 2014, the well was cemented and given 24 hours to allow the cement time to properly set up. On November 20, 2014, the drilling crew resumed drilling and discovered oil at that time.
"This is such exciting news for First Colombia Gold and our shareholders," commented Jason Castenir, the company's Chief Executive Officer, "what a perfect way to mark the half-way point of our first drilling program."
On August 5, 2014, the company announced its intention to begin a ten well drilling program. This well is the fifth well of that ten well drilling program with each well successfully discovering oil. The company has stated that this oil strike is the best and biggest of all five wells. The company plans to put the well on pump later this week and will announce production rates at that time.
"Everyone in our company is just so excited," Mr. Castenir went on to say, "We have updated our social media outlets so that all of our shareholders can see for themselves just how impressive this oil strike is and why we are so optimistic about our upcoming production numbers. This particular oil find was very high quality crude with very minimal water content so we are really optimistic that this will be an impressive producing well for the company."
Shareholders can continue to monitor First Colombia Gold's drilling program on the company's social media outlets.
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 oil and gas production in Kentucky as well as precious metal exploration in Montana.
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.
Source:First Colombia Gold Corp.