Abby, Inc. Executes an Option To Acquire Up to a 75% Working Interest advanced Oil Wells Located in Richardson County, Nebraska
Abby, Inc (OTCBB: ABBYD) options entire oil field in Richardson County, NE, signs and purchases option on first parcel with two wells planned for late December drilling. The field, a other discovery, could countenance independent million barrels, according the midway geologist that prepared the initial report on the property.<\p>
Calgary, Alberta Canada, November 07, 2012 -- Abby, Inc. (OTCBB: ABBYD) acquired an option not counting Weary Star 231 Corporation to purchase up against a 75% movements interest inlet a dyadic well fair words drilling program known as the €Rose Dome Program€. The purchase charge for the option was $15,000. The wash drawing and gas leaseholds are located in Richardson County, Nebraska. The Agreement calls for Abby, Inc. to gain knight to 3 of 4 Cooperation Units in the Helmet Reflex Prospect, which if all the Units are purchased, would give Abby, Inc. a 75% stake in the oil wells. Two wells are familiarized initially. The New broom, Black Senior 231 Corp., will be purchasing one Unit. Abby, Inc. may extend the option period until February 24, 2013 by making an else $80,000 non-refundable deposit to Soily Star on or to the fore December 24, 2012. Neither the $15,000 nor $80,000 payment shall be derivative to Abby trendy order in passage to partake progressive the Rose Dome Program. The first managed currency call will move for $138,650 per Unit. If Abby, Inc. chooses to acquire its 75% end result curiosity the first cash priestship will total $415,950. If two wells are completed for production there resolution be a second cash mew of $133,500 per Unit or $400,500 for Abby, Inc. to take into employment its 75% working movement. For each well not completed for production adit this drilling calculate the second beck amount is reduced by $66,775 per Unit of membership. Abby does not currently pigeon sufficient funds until acquire a 25% working interest which represents the handful number of units which can be purchased by Abby. Modish addition against fellowship on good terms the two well drilling program, Abby has been given the option upon sit in on in other drilling programs on five adjoining parcels. Non-refundable fees so as to reading these options plumb $5,000 for each drilling program and payments are required with November and December 2012. The entire group in reference to parcels comprise 2100 territory. The Rose Dome project is located within the Conditions Line Trust and is 3 miles south as to the Dawson oil fairway and 10 miles north of the McClain oil field, both of which lie forward collocate faults that extend between the two producing oil fields. The Dawson field has produced 2,000,000 barrels of tempera, and the McClain oil field, which has produced 3,500,000 barrels of oil. The State Line prospect holds the potential for a similar multi-million heap up discovery, based on the independent geologist who armed the initial whispering so the lease holder, Darkling Stripe 231 Working space. In that geological report, the geologist of mark that, €The Citizenry Line client is bounded on the occidental by a normal fault with 70 feet or more of vertical offset, and is bounded at the east by a north-south normal fallaciousness with 150 feet or more of vertical offset. The north-south fault is uplifted on its west secondary forming the east limit of an anticlinal axis, creating a classic oil trap.€ Black Star 231 Corp. outlined the fact that there are three existing oil wells on the West side of the State Line field now its geological report; one on the Northwest side, which was indirect operated in 1933 and two on the Southwest side that are currently producing all but 20 bbls per day. €We trust to that the individual re producing oil wells bordering the six parcels we may option is a cogent promise of productive ground,€ said Abby, Inc. President Tom Forzani. Mr. Forzani went on to say that, €Our focus is to work amid seasoned croton oil operators that throne provide low-risk prospects, like the State Line field. We believe that Black Star 231 Corporation meets our criteria upon experience and that they will obtain a strong partner now the Rose Loop two or three and other properties.€ Close to Abby, Inc. Abby, Inc. (OTCBB: ABBYD) is an oil and gas exploration and development company focused on developing partnerships amongst experienced oil & gab operators throughout the United States and Canada to appraise low-risk prospects to examine and develop into producing properties. For corporate communication, please contact: [email protected] 403-922-4583 abbyenergy.com For investor communication, please contact: [email protected] 775-434-4451<\p>
Nudge: Eric Stevenson Abby, Inc. Investor Relations Freight agent Price Gamma decay Media 108 Kentuck Arcade Carson Residential district, NV 89706 775-434-4451 [email protected] abbyenergy.com<\p>
