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Wanderport Corporation Announces Intent to Acquire a Major Oil Property

Posted on: Tuesday, 27 May 2008, 09:00 CDT

Wanderport Corporation (Pink Sheets:WDRP) today reported its objective to obtain a major oil development field situated in the Komi Republic of Russia designated as the Block. The successful completions of negotiations have resulted in a letter of intent for a final agreement on this secondary property to be concluded before or no later than June 10th 2008. This acquisition forms the foundation of the Company's strategic expansion in the region and will perpetuate increasing investments in the oil and gas industry. Furthermore, the Company possesses the necessary financing for the procurement, exploration and development of additional locations to be determined at a subsequent time.

According to preliminary estimates, the oil property project is forecasting 2,274,000 tons of probable reserves annually. The Block was further explored by 838 km of seismic acquisition and the drilling of five prospecting wells during the initial license for geological studies. The first well drilled in 2004 produced 140 bbld of oil, the second 1.24 mmcfd of gas. Subsequent explorations of the territory showed reserves of 50 bcf of non associated gas in deeper horizons. Additionally, at a discount rate of 10%, the project's estimated annual net profit is $34.2 million, the internal rate of return is15.2% and its payback period is 11 years. The expected project value is $60.7 million.

Lastly, in an administrative resolution in accordance with the Company's new direction as investors in the oil and gas markets, Mr. Adam Madisson has decided to step down as CEO of the Company. However, he will remain an essential part of the organization as a financial contributor.

Important Information About Forward-Looking Statements

All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates,""believes,""could,""expects,""intends,""may,""should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.

Source: Business Wire

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