Austin Chalk Oil & Gas, Ltd. Announces Completion of Negotiations for $500,000 Credit Line With Pan American Oil and Gas Investments, S. A.
Posted on: Tuesday, 14 February 2006, 09:01 CST
HOUSTON, Feb. 14 /PRNewswire-FirstCall/ -- Austin Chalk Oil & Gas, Ltd. (BULLETIN BOARD: ACKO) is pleased to announce that it has successfully completed its negotiations for a credit line in the amount of $500,000 with Pan American Oil and Gas Investments, S. A.
Management is currently evaluating several prospects for the drilling of new, grass roots gas wells in South Central Texas, utilizing the funds provided by its new line of credit. In addition, management is investigating several possibilities for the purchase of interests in producing oil and gas properties.
About Austin Chalk Oil & Gas
Austin Chalk Oil & Gas is an emerging oil and gas company focused on participating in low- to medium-risk re-completion projects, along with higher risk drilling opportunities.
Austin Chalk Oil & Gas is focused on increasing production by means of: continuing acquisitions, development projects and exploration drilling within a joint venture framework.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes,""expects,""anticipates" or similar expressions. These include the failure of any of the conditions to closing stated above, completion of the acquisitions of the target businesses, attracting necessary management, a delay in the formal launch of the website, raising the necessary capital to fund business operations and potential market competition. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. The Company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the Company. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
First Call Analyst: FCMN Contact: worco@cableonda.net
Austin Chalk Oil & Gas, Ltd.
CONTACT: Darrell Figg, President, Austin Chalk Oil & Gas, Ltd.,+1-713-780-7633
Web site: http://www.ackooil.com/
Source: PRNewswire-FirstCall
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