International Energy Takes Stake in Atyrauskeye and Mangystauskeye Fields
International Energy has signed Letters of Intent to acquire 50% interest in oil fields located in the Atyrauskeye and Mangystauskeye regions of Kazakhstan with proven oil reserves of 140 Million barrels.
The joint venture partner in this project will be the Kazakhstan government. The purchase price of US$12 million will be applied to upgrading equipment to increase daily production at these fields.
CEO David Watson stated: "Kazakhstan provides a great opportunity for the realization of our company's strategic objectives due to the enormous oil and gas reserves in this region."
International Energy, Ltd. intends to become a worldwide company specializing in the extraction and production of oil and gas. The company's vision is to establish and enhance the company's foundation for future growth by developing properties that provide a balance between short and long-term reserves in both the oil and natural gas markets. Oil and gas-related activities will include acquiring additional properties with potential for development and drilling. The company will work to establish and maintain a significant inventory of undeveloped prospects. The company emphasis is on production, cash flow and reserve value, which will be attained by exploring for, developing, and purchasing oil and gas properties worldwide.
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