CARSON CITY, Nev.--(BUSINESS WIRE)-- Drake Gold Resources Inc. (OTC:DKGR), a natural resources company with a focus in oil and gas, announces today that its joint venture with Parker Technologies (www.parkertechnologiesinc.com) has finalized a 40 acre working interest for shallow rights on up to 750 acres of resource rich land in Southwest Texas.
The deal includes the option to purchase deep rights and additional acreage with total access to more than 100,000 acres of oil land in the region including all of the shallow rights as well as deep rights in certain areas. Formations, with over a billion barrels of oil in total, include Escondido, San Miguel, Olmos and Anacocho for shallow rights and Georgetown, Austin Chalk, Glenn Rose, Eagleford and Pearsall for deep rights. The transaction marks a large step forward for Drake’s JV with Parker Technologies.
Parker Technologies is focused on near-term production growth through drilling in underdeveloped oil pools, while continuing to add future exposure to high impact, higher net working interest exploration drilling in highly prospective areas. It is dedicated to developing unconventional resources through special production methods and leading-edge technologies that can be performed in an efficient and economical way.
As it states on Parker’s website, “With our energy expertise and an exciting portfolio of assets we aim to create stakeholder value through exploration, reserves and production, and opportunistic value realization.”
Parker Tech President and co-founder, Harald van der Kam, states: "I welcome Drake as both a joint-venture partner and as a stakeholder in our company. Shareholders of both companies will benefit from this transaction." Parker is currently underway with plans to go public in the near future.
CEO, Peter Matousek comments, “This is a tremendous way to kick off our relationship with Parker. We have successfully enjoined our skills and resources to secure what I feel will be the first of many profit-bearing ventures to come. The JV allows us to expedite our initiatives for near-term revenues and long-term growth with mitigated risk and resource conservation all the while. Once Parker has finalized negotiations to go public, we will post our joint venture and stakeholder agreement on our official website, www.drakegold.com”
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Drake Gold Resources Inc.
Peter Matousek, 530-405-3547
Source: Drake Gold Resources Inc.