SAN DIEGO, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Ziyen secures the company’s second oil contract in Indiana.
The acquisition of the Potts Oil Lease located in the Illinois Basin represents another step in the Ziyen business plan to acquire leases, return wells to production and pursue other promising oil leases. The new lease is comprised of four producing oil wells and one injection well, all with associated oil production equipment.
After a full geological and seismic surveys are performed on the land, the Ziyen technical team will proceed with securing relevant permits with plans for commencing full oil production in early spring 2018.
“We are creating a portfolio of oil assets and continually negotiating the acquisition of new oil leases on behalf of our shareholders. Our current leases are currently under due diligence by our land team in Indiana and we plan to acquire more leases in 2018 to increase the both the breadth and depth of the company assets.”
-Shane Fraser, Ziyen Director of Oil Intelligence
Based on the company’s initial acquisition of the Ross Oil Lease, with proven and probable reserves estimated to be in excess of US$30M, Ziyen Inc. has been re-qualified by the SEC (U.S. Securities and Exchange Commission) via Regulation A+ for a second round of funding, currently open with a pre-IPO share price of $1.50 per share.
Alastair Caithness, CEO, said:
"We're excited to secure our second contract, and it’s a great start to Round 2 of funding. The next phase of the company is to ensure we win more contracts in the Illinois Basin over the winter with the plans to start full production across all of our leases come the spring next year.”
About Ziyen Inc.
Founded in 2016, Ziyen Inc. is a Scottish-American company developing cutting edge procurement software to provide clients with industry specific government and private contracts via procurement portals. In 2017, Ziyen diversified, instating the Ziyen Energy Division, with intent to produce oil in the U.S. with advanced extraction methods and technology implemented and guided by career experts in the oil and gas industry. In June 2017, Ziyen acquired the mineral rights to its first oil field in Indiana, and now has two assets. The U.S. Securities and Exchange Commission (SEC) recently qualified Ziyen Inc. in November 2017 for our second round of funding, with a pre-IPO share price of $1.50. More information may be found in its Offering Circular filed with the SEC, or on their website www.ziyen.com
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Forward Looking Statements:
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company's periodic reports filed with the SEC- specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.