HOUSTON--(BUSINESS WIRE)--X-Change Corporation (OTCQB: XCHC.PK) announced today through its subsidiary Cress Oil, Inc., an independent exploration and production company based in Houston, Texas that it is purchasing 16,000 acres in Roosevelt County, NE Montana Bakken formation area. The Bakken shale play continues to expand deeper into the northeast where Bakken oil reserve estimates continue to rise.
The company will enter into a Purchase and Sale Agreement, and acquire all of Bakken's legal and beneficial right, title and interest in and to certain oil and gas properties in Roosevelt County including all oil and gas leases, all geological data (including all seismic data) and copies of all records with respect to such oil and gas properties (collectively, the "Properties").
Cress Oil’s lease position is surrounded by land leased and operated by current oil operators such as Marathon, Statoil, Conoco, Whiting, EOG, Hess and other independent oil and gas operators. Due to the drilling success in Roosevelt County from these current operators, the new acreage position will prove to be a long term resource play for the company.
Cress has financial and operational partners to aggressively acquire acreage position in the Bakken area of NE Montana, and continue to expand its drilling program.
About X-Change Corporation
X-Change Corporation is building interests in a broad range of oil and gas projects worldwide. The Company is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas.
About Cress Oil
Cress Oil is focused on projects for deep and shallow wells domestically and internationally. Cress Oil will partner with other oil and gas companies to explore for reserves on properties the majors have left behind. Cress Oil earns an interest in new reserves acquired and in production. The company intends to grow through a combination of exploration, exploitation, and development drilling, drilling services as well as strategic acquisitions of oil and natural gas fields. For more information, please visit www.cressoil.com
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations