ALBANY, Ky., Jan. 22, 2015 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCQB:FCGD) announced today that the Company has drastically reduced its overhead and costs of producing oil from current leases.
Earlier in the month, the company began restructuring business processes to streamline production cost, reduce overhead and cut labor expenses. After retooling and restructuring labor costs and overhead expenses, the company announced it has reduced its production costs to just under $25 per barrel.
Jason Castenir, CEO of First Colombia Gold Corp stated, "This development is just added confirmation of how profitable our company truly can be. Most companies our size have a tremendous amount of debt and overhead and we just don't have that problem. We have structured our operations in such a way as to achieve a low extraction cost. The company is looking to take advantage of this low oil market to make additional acquisitions in the oil industry. We have a great strategy in place."
Company president Clarence Parks stated, "With oil prices at their lowest since 2009, we have had to reduce our production costs. Our success in restructuring operations has allowed us to continue to produce oil and still maintain revenue. That sets us apart from the competition and ensures our company can continue to succeed even in this fragile market."
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 from 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.