Axiom Oil and Gas Corp Receives Assignment of Oil Leases from Tanglewood Energy LLC
Oro Valley, AZ, November 18, 2014 (Newswire.com) - Axiom has received the final lease assignments from Tanglewood Energy LLC (“Tanglewood”) for approximately 3,600 gross acres (1,800 net acres) of oil and gas leases located in Toole County, MT. Tanglewood was the former joint venture partner (50%) of certain key leases involved in our Toole County, Montana prospect. They were unable to meet their financial obligations on the leases and pursuant to the Joint Operating Agreement forfeited the leases to us and our joint venture partner.
Michael Altman, President says, “Receiving the unencumbered leases is a significant development for Axiom as many of the leases covered key strategic drill sites identified by the interpretation of the 39 square miles of 3D seismic that covers the acreage. As the leases were forfeited by Tanglewood, there are no associated acquisition costs other than the small yearly delay rental payments associated with the leases.”
Furthermore he says, “Having these assignments in place now gives us the confidence to proceed with additional drilling on these leases without having to worry about future encumbrances. And the ~$300,000 value of the leases acquired by forfeiture as the result of making less than $5,000 of delay rental payments on Tanglewood’s behalf brings very good value to our shareholders.”
About Axiom Oil and Gas Corp.:
Axiom Oil and Gas Corp. is an oil and gas exploration and development company, formed initially, to develop oil and gas leases in Toole County, MT. The Company provides investors with direct exposure to producing oil and natural gas interests with significantly lower production costs. With a strong management and operations team and low risk development drilling, the Company is building a solid base operation with stable cash flow to ensure corporate longevity and minimal dilution as it grows its shareholders’ value and by adding excellent oil and gas properties.
Forward Looking Statement:
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements.