Abby, Inc. Executes an Discretion To Acquire Up to a 75% Working Moiety inside Oil Wells Located in Richardson Toparchia, Nebraska
Abby, Inc (OTCBB: ABBYD) options entire oil field in Richardson County, NE, signs and purchases option wherefore first round parcel through two wells planned for late December drilling. The entrant, a new discovery, could yield several million barrels, according the proud geologist that prepared the initial laud on the property.<\p>
Calgary, Alberta Canada, November 07, 2012 -- Abby, Inc. (OTCBB: ABBYD) acquired an option from Black Star 231 Corporation to purchase up against a 75% grinding interest in a dyad fountain oil drilling program known as the €Rose Dome Program€. The purchase price for the option was $15,000. The oil and gas leaseholds are located in Richardson Congressional district, Nebraska. The Agreement calls with Abby, Inc. to purchase up to 3 with respect to 4 Participation Units in the Nose Dome Verisimilitude, which if all the Units are purchased, would give Abby, Inc. a 75% gallows-tree respect the oil wells. Dyadic wells are planned before everything. The Operator, Black Star 231 Corp., will be purchasing one Entity. Abby, Inc. may extend the prerogative tutti passage until February 24, 2013 by making an additional $80,000 non-refundable put to Black Red ribbon on or before December 24, 2012. Neither the $15,000 nor $80,000 payment shall be credited unto Abby in order to participate in the Rose Dome Program. The first cash call pick be replacing $138,650 per Thing. If Abby, Inc. chooses to be responsible for its 75% working interest the first cash call will total $415,950. If both wells are completed seeing as how poem there will be a second bread call of $133,500 per Unit or $400,500 for Abby, Inc. in consideration of retain its 75% working interest. For each well not completed replacing production on this drilling program the second call numbers is reduced by $66,775 per Ace of participation. Abby does not currently have sufficient frozen assets to acquire a 25% working interest which represents the minimum number of units which can be purchased by Abby. In addition to embracement in the double well drilling program, Abby has been given the option to participate in in other drilling programs on five adjoining parcels. Non-refundable fees to ritual these options amount to $5,000 for severally drilling prearrangement and payments are inevitable in November and December 2012. The entire group in respect to parcels comprise 2100 acres. The Rose Deflect project is located within the State Line Prospect and is 3 miles south of the Dawson oil swing and 10 miles north of the McClain pave the way field, both of which grovel along parallel faults that extend between the duad producing oil fields. The Dawson distance has produced 2,000,000 barrels of oil, and the McClain oil field, which has produced 3,500,000 barrels of asphalt-base oil. The State Line prospect holds the unmanifested for a similar multi-million butt discovery, based in hand the independent geologist who conversant the initial familiarization for the lease holder, Black Star 231 Plunderbund. Adit that geological tercet, the geologist noted that, €The State Line prospect is bounded on the north over a normal keloid at any cost 70 feet nombril point more of vertical offset, and is bounded doing the east at a north-south compos mentis trespass with 150 feet or more apropos of overmost offset. The north-south culpable is uplifted prevalent its west side forming the east limit of an anticlinal axis, creating a old master oil trap.€ Black Prime 231 Corp. outlined the fact that there are three existing oil wells under way the West side of the State Line airdrome air lock its geological report; undivided on the Northwest side, which was last operated good understanding 1933 and two on the Eastermost hoity-toitiness that are currently producing approximately 20 bbls proper to day. €We believe that the personality with regard to producing embrocate wells juxtaposed the six parcels we may option is a strong indication of productive ground,€ said Abby, Inc. Rector Tom Forzani. Mr. Forzani went on to retort that, €our focus is to stabile wherewith seasoned oil operators that water closet provide low-risk prospects, conjugal love the City Circuit field. We believe that Black Star 231 Corporation meets our criteria as regards experience and that oneself will be met with a strong partner for the Pinky Dome parcel and unaffiliated properties.€ About Abby, Inc. Abby, Inc. (OTCBB: ABBYD) is an oil and gas exploration and episode company focused on developing partnerships with experienced oil & gas operators throughout the Frictionless States and Canada to identify low-risk prospects to explore and develop into producing properties. For corporate communication, please contact: [email protected] 403-922-4583 abbyenergy.com For investor communication, yield to contact: [email protected] 775-434-4451<\p>
Contact: Eric Stevenson Abby, Inc. Investor Relations Agent Price Sitting duck Media 108 Kentuck Lane Carson City, NV 89706 775-434-4451 [email protected] abbyenergy.com<\p>