Greater Sooner Holdings, Inc. Receives Operator Designation from the Texas Railroad Commission; Close Date Nearing on the Clayton Field LOI
HOUSTON--(BUSINESS WIRE)--June 26, 2006--
Greater Sooner Holdings, Inc., (Pink Sheets:GSNH) today announced that the Texas Railroad Commission has authorized the Company as a registered oil and gas Operator in the state of Texas. With this important step now complete, the Company is enabled to execute field operations to produce the estimated $285,000,000 in probable reserves from Clayton Field project area in Live Oak County, Texas.
The Company also announces that with initial fundraising nearing completion, a closing date has been set prior to the end of June, 2006 for the Letter of Intent on the Clayton Field project area. "It has been a busy second quarter for all involved with GSNH activities. We are pleased to reach the closing of our initial oil and gas transaction," said Russell F. Krauss, CEO of GSNH.
About Greater Sooner Holdings, Inc.
Greater Sooner Holdings, Inc., based in Houston, Texas, is an investment holding company with operations in crude oil and natural gas exploration and production. The Company executes a repeatable business model to generate cash flow by reworking existing operating wells with proven or probably reserves and using the proceeds to drill new and deeper wells in the target project areas.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the potential for additional customer growth from acquired operations and additional opportunities for growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Greater Sooner Holding, Inc.
Source: Greater Sooner Holdings, Inc.
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