Cheyenne, Wyoming--(Newsfile Corp. - June 2, 2021) - Sino American Oil Company (OTC PINK: OILY) $OILY gives corporate update and status of going Pink Current.
"The Company and management team have been working very diligently over the last several weeks to get all the filings, disclosures, and corporate information updated and filed on EDGAR and OTC Markets, we are pleased with the progress and expect to achieve Pink Current status in the near future." stated Jeff Standen, CEO of Sino American Oil Company; "We are also excited to announce that the company's Form 1-A Registration filling is now Qualified and Approved to proceed with a $50 Million funding raise."
The Company is highlighting recent significant achievements.
First, the company has been working hard with their audit team to get all the financials, disclosures, and corporate information updated on both EDGAR and OTC Markets to get the company back to Pink Current status. The Company intends to be a fully reporting "SEC Pink Current" company moving forward.
Second, As of May 26, 2021, the company has been qualified and therefore approved by the SEC to proceed with its $50 Million Regulation A financing. "This marks a major milestone in the future of the company in completing its identified acquisitions, as well as turning Sino American into first class oil producer and creating significate value to its shareholders." Further commented Jeff Standen.
Third, the Company is engaged with several interested parties that wish to participate in the Regulation A financing. The company is offering 20,000,000 shares at a price of $2.50 to raise up to $50 million to fund the company's business plan, acquisition plan and growth strategy.
Fourth, the Company's management team, headed by Jeffery Standen, is currently in negotiations with several energy companies in the company's core exploration area located in Northern Alberta in the heart of the Western Canadian Sedimentary Basin ("WCSB") to acquire existing production, infrastructure assets and undeveloped lands. The core area is a prolific producer of oil and gas from a multitude of formations at varying depths. Considerable infrastructure is already in place making these targeted assets and prospects very economic and commercially viable even at $40 WTI oil price. The use of proceeds from the $50 MM Form 1-A Registration Financing will be utilized to acquire certain of the identified assets and prospects and the further optimization of current production and the considerable development of the existing well bores and undeveloped lands. The company has conducted extensive technical work in the core exploration area and has identified numerous potential acquisitions and prospects to pursue. The company with the input and support of its new management, technical and operations teams will be the project generators and Operator of all of the properties/assets it becomes involved in. The mission of the new management is to create and develop significant increased shareholder value through low acquisition and operating costs by utilizing the talents of our world class operating team and property optimization and development of assets because of the efforts of our world class technical team.
ABOUT SINO AMERICAN OIL COMPANY
Sino American Oil Company is a Wyoming incorporated; publicly traded company listed on otcmarkets.com identified by the ticker symbol OILY. The company is an oil and gas exploration stage company engaged in the assessment, acquisition, exploration, and development materials and properties. Under new and experienced corporate and operations management the company intends to acquire, explore, develop, and produce sweet light crude oil from the Western Canadian Sedimentary Basin ("WCSB"), specifically in the Province of Alberta, Canada.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Signed.
/S/ Mr. Jeffery Standen, CEO
For more information, press only:
IR CONTACT: Kim Halvorson
IR@sinoamericanoil.com
https://sinoamericanoil.com/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86179
