Far Vista Petroleum Corp. announced that it has completed the acquisition of CJSC Chedty Neft by which it acquired all its outstanding shares.
Chedty Neft is an oil producer with proven oil reserves in the Federation of Russia. Its oil field is situated in the Chedtyiskoye Field in the Timan Pechora Region of Russia. The Company has proved developed reserves of 1,584 million barrels and its proven undeveloped reserves exceed 4 billion barrels of oil.
Maxim Sushchenko, president of Far Vista, stated, "Following our recent activities in the oil industry, we are very excited to have succeeded in this acquisition, which positions us as an oil producer with strong proven reserves and drilling equipment. The probable and possible reserves shall be examined thoroughly and announced to our shareholders in the next few weeks. It is a strong entry into the oil industry and, because of this project, additional opportunities have manifested themselves."
The Company recently changed its name from Far Vista Interactive Corp to Far Vista Petroleum Corp with a new CUSIP number but with the same trading symbol.
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