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Home > Oil Gas News > Turan Petroleum, Inc. Completes Acquisition of Turan Enerpetroleum
Turan Petroleum, Inc. Completes Acquisition of Turan Enerpetroleum
Turan EnerPetroleum is the licensee of the Government of Kazakhstan’s ARIS Concession (Contract # 753) for exploration of hydrocarbons. Turan Petroleum, Inc. (OTC: TURP), an independent oil and gas exploration company, today reported that it has completed the acquisition of Turan EnerPetroleum, a Kazakhstan limited liability company, licensed to explore for hydrocarbons in the Republic of Kazakhstan.
Santa Ana, CA (PRWEB) October 7, 2005 -- Turan Petroleum, Inc. (OTC: TURP), an independent oil and gas exploration company, today reported that it has completed the acquisition of Turan EnerPetroleum, a Kazakhstan limited liability company, licensed to explore for hydrocarbons in the Republic of Kazakhstan.
Turan Petroleum, Inc. acquired 100% of all outstanding equity interests of Turan EnerPetroleum, which holds a license from the government of Kazakhstan to explore for hydrocarbons in South Kazakhstan’s ARIS Region. The Ministry Of Justice of the Republic Of Kazakhstan officially recognized Turan Petroleum, Inc. as the new owner of Turan EnerPetroleum on June 29, 2005. Subsequently, other contractual and due diligence conditions precedent to closing of the transactions have been satisfied.
Turan Petroleum, Inc. plans to prospect and produce in the ARIS site under a concession granted by the Ministry of Power and Minerals of the Republic of Kazakhstan. The concession license has been granted for an extendable 25-year term (beginning in 2001). The ARIS territories cover approximately 22,000 square kilometers in the South Kazakhstan’s Kizilordinskoy Regions.
Initial geological studies have been completed that show the potential of locating substantial amounts of recoverable oil and gas products inside the company’s Concession. The studies and initial exploratory drilling have proven the existence of substantial salt structures within the Concession. Limited seismic testing has already identified numerous bright spots in association with the salt structures. The Company believes these bright spots are indicators of hydrocarbons.
The Company intends to undertake further geological testing, conduct exploratory drilling and extract hydrocarbons from the ARIS site. “We are confident that ARIS avails us of substantial opportunities for exploration, and ultimate production for local and international markets,” opines Tony Vanetik, President and Chairman of Turan Petroleum. The South-Kazakhstan region, which is home to the company’s ARIS Concession, contains about 2 million people. Natural gas is currently delivered to the region from Uzbekistan, with the local supply being subject to shortages. The infrastructure to deliver natural gas locally is in place and a demand for locally produced gas appears to be robust. The areas that are expected to produce oil also have asphalt roads. Additionally, railway stations, pipelines and refineries are located a relatively short distance from the ARIS Concession.
Robert VanDuren, Turan’s CEO states that, “We are pleased to receive the official acknowledgement of our acquisition. South Kazakhstan is highly promising region, and we are confidant of our team’s ability to make the development effort a success.”
Turan Petroleum, Inc. is an oil and gas exploration company based in California. The Company is pursuing opportunities in new energy markets, focusing on acquisition and development of oil and gas properties in Eurasia, and other resource rich regions of the former Soviet Union. Its common stock is traded Over the Counter under the symbol “TURP”.
Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Turan Petroleum, Inc. believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, as well as country and political risks, general market conditions, competition, oil and gas pricing, drilling programs and results. The forward-looking statements can be identified by the use of forward-looking terminology such as "may," "expect," "anticipate," "estimate," "continue," "believe" or other similar or similarly intended words. We have made forward-looking statements with respect to the following, among others: our goals and strategies; our ability to earn sufficient revenues to develop ARIS; our ability to continue as a going concern. Investors are cautioned that all forward-looking statements involve high risks and uncertainty, including without limitation, our limited operating history, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, fluctuations in commodity prices, inconsistent application, interpretation, and enforcement of applicable Kazakh government taxes, and Kazakhstan Excess Profits Tax, currency exchange losses if Tenge depreciates against US Dollar, country and political risks, including diplomatic and political relations between US and Kazakhstan, costs arising from environmental liability, uncertain costs of drilling (oil producing fields located adjacent to ARIS, are not an indication that our drilling or related efforts will be successful), inability to drill wells that produce commercial quantities of oil and natural gas, shut-ins of connected wells resulting from extreme weather conditions, insufficient storage or transportation capacity or other geological and mechanical conditions, general market conditions, competition, oil and gas pricing, drilling programs and results, our future capital needs, etc.
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