CALGARY, Alberta--(BUSINESS WIRE)--Belgrave Resources Ltd., (www.Belgraveres.com) a Public Company on the GXG Exchange (www.gxgmarkets.com) trading symbol (BELG) announced today the delay of their Audited Report due to an unanticipated increase in corporate activity.
Dr. John Belgrave, President and CEO said, “We are very pleased with the prospects of the Company and we anticipate having our Audited Report completed in the next 30 days and filed with the GXG.”
About Belgrave Resources Ltd
Belgrave Resources Ltd. is a Canadian-based junior oil company. Its primary focus is the application of proprietary and high-impact enhanced oil recovery technologies to increase oil and gas production, improve recovery and add reserves. Belgrave’s patent-pending and trademarked process (“ZEDAITM”) is a strategically engineered and sustainable technology. It is designed to recover an additional 50% of the oil remaining in watered-out high-relief light-oil pools. This recovery efficiency implies that the current light oil reserves in Alberta, Canada could be increased 200% or by an additional 2 billion barrels. The company will acquire mature light-oil pools in Alberta that are approaching the end of their economic life based on current technology being implemented. Management has already identified several asset leads. Belgrave will apply its proprietary ZEDAITM technology on a pilot or modular basis in one representative pool to limit capital requirement, demonstrate improvement in oil production rate and recovery factor, and improve the reserve classification of the analogous pools. The company also intends to pursue carried and working interest opportunities through technology licensing agreements, globally.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21B of the Securities and Exchange Act of 1934, as amended. Readers are cautioned not place undue reliance on these forward-looking statements, which are only predictions and only speak as of the date hereof. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "plan," "expect," or similar expressions and are subject to numerous known and unknown risks and uncertainties. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investors are encouraged to carefully review regulatory filings prior to investment consideration. Past performance is no guarantee of future success or that there cannot be losses or business interruption. The Company is in a rapid growth sector that may or may not continue to grow in the future and therefore poses risks that may be different than other investments. Management regularly provides news and additional information believed to be true and accurate at the time of dissemination but has no requirement to modify, comment or change in the future should circumstance change or information prove to be inaccurate for any reason. Additionally, the Company makes every effort to comply with all applicable laws.
